Maxim cleared for exit

A US court has cleared the way for US crane rental giant Maxim Crane Works to exit Chapter 11 bankruptcy protection. The approved by the US Bankruptcy Court for the Western District of Pennsylvania in Pittsburgh.

When Maxim remerges, its consolidated debt will be around US$ 280 million, compared to roughly $700 million at the time of the bankruptcy protection filing in June 2004. A $50 million revolving credit line with finance house Goldman Sachs will also come into place when the company exits Chapter 11 during the first quarter 2005.