Manitex International has reduced its European bank debt by approximately €4.96 million, effective 20 July 2020.
Improvements in working capital, via accelerated inventory turns and other operating cash flow that has generated since reporting its first quarter results has enabled the debt reduction and balance sheet improvement, the company said.
“We remain committed to lowering our debt and debt servicing costs, by using every resource possible to strengthen our financial position in a challenging business environment,” said Steve Filipov, Manitex International CEO. ”We have been focused on generating cash from operations over the past few quarters, and this has put us in a good position to reduce some of our European debt, at a discount. Given the continued uncertainty with our end markets, we are going to continue to focus on the things we can control, with aggressive cost management and working capital reductions. This focus will allow us to maintain good liquidity and balance sheet improvement.”