Maxim Crane Disclosure Statement Approved by Court

Dec. 1, 2004
Maxim Crane’s disclosure statement was approved by a United States Bankruptcy Court judge on Oct. 25, according to court documents.

Maxim Crane’s disclosure statement was approved by a United States Bankruptcy Court judge on Oct. 25, according to court documents. The company, which filed for Chapter 11 bankruptcy protection June 14, can now begin seeking approval of the plan from secured and unsecured creditors.

Maxim Crane officials are confident the plan will be approved by its creditors, since it is the same plan that was essentially agreed upon prior to filing for bankruptcy protection. A confirmation hearing will be held December 30.

According to Maxim officials, any bids to acquire the company would need to be in the same general price range as the current plan, which values Maxim at about $475 million. A previously announced bid by competitor AmQuip was short of that level and that company has yet to raise its bid, Maxim officials told RER.

Meanwhile, Maxim, the largest crane rental operation in the United States, continues to carry out its day-to-day business, in part because of debtor-in-possession financing that was approved at the time of the bankruptcy filing.

Maxim Crane, based in Pittsburgh, is No. 8 on the RER 100.