PITTSBURGH — The U.S. Bankruptcy Court in January confirmed Maxim Crane Works' plan of reorganization, clearing the way for Maxim, the largest crane rental company in the United States, to emerge from Chapter 11 bankruptcy protection.
Upon emergence, Maxim's consolidated debt will be about $280 million, compared to the $700 million debt owed when the Pittsburgh-based company filed for bankruptcy in June of last year. Company officials added that upon emergence, expected to be finalized early this year, Maxim will enter into a $50 million revolving credit facility to be provided by Goldman Sachs. “This exit financing will provide the company with sufficient liquidity to continue to meet our financial requirements and grow our business in the coming years,” said Maxim CEO Art Innamorato.
Innamorato said the acceptance of the plan “is attributable to the loyalty of our customers, the professionalism and dedication of our employees, and the commitment and support of our creditor groups. We accomplished what we set out to do at the outset of our Chapter 11 restructuring just six months ago.”
Maxim Crane Works, No. 8 on the RER 100, has 45 branches, specializing in the rental and sale of cranes, aerial work platforms, rough-terrain telescopic forklifts, boom trucks and other ancillary equipment.