TNT emerges from Chapter 11 bankruptcy protection
19 October 2020
TNT’s reorganization plan was completed in just over five weeks.
In just over five weeks TNT Crane & Rigging has emerged from Chapter 11 bankruptcy protection. The US crane rental company said it completed a transaction that has strengthened the company’s balance sheet and positioned it for future success.
“This turning point marks the implementation of the company’s prepackaged plan of reorganisation, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on September 30, 2020,” the press release said.
TNT emerges from its restructuring as a private company with a new ownership group, recapitalised with a new US$225 million term loan. TNT completed its restructuring in just over five weeks.
“Following the successful completion of our restructuring, we look forward to working with our new ownership group to build the next chapter of TNT’s growth – one grounded by a stronger financial position and recapitalised balance sheet,” said Michael Appling, TNT chief executive officer.
“We are pleased to report that this process was seamlessly executed faster than anticipated and has provided us with a newly revitalised foundation to continue as North America’s leader in providing safe, reliable lifting services to our customers.”
Filings and additional information on the transaction completed in connection with TNT’s emergence from bankruptcy can be found here: https://cases.primeclerk.com/TNTCrane
