TNT Successfully Completes Financial Restructuring
Company Emerges from Chapter 11 with Recapitalized Balance Sheet, Robust Capital Structure
Oct 16, 2020, 18:34 ET
HOUSTON, Oct. 16, 2020 /PRNewswire/ -- TNT Crane & Rigging, Inc. and certain of its affiliates ("TNT" or the "Company") today announced that the Company and certain subsidiaries have emerged from chapter 11 bankruptcy protection, completing a transaction that has strengthened the Company's balance sheet and best positions TNT for future success. This turning point marks the implementation of the Company's prepackaged plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on September 30, 2020. The Company 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 recapitalized balance sheet," said Michael Appling Jr., Chief Executive Officer of TNT. "We are pleased to report that this process was seamlessly executed faster than anticipated and has provided us with a newly revitalized foundation to continue as North America's leader in providing safe, reliable lifting services to our customers."
TNT emerges from its restructuring as a private company with a new ownership group, recapitalized with a new $225 million term loan.
Filings and additional information on the transaction completed in connection with TNT's emergence from bankruptcy can be found at https://cases.primeclerk.com/TNTCrane.
TNT was represented by Simpson Thacher & Bartlett LLP and Young Conaway Stargatt & Taylor, LLP, as legal co-counsel, Miller Buckfire & Co., LLC and Stifel, Nicolaus & Co., Inc., as financial advisor and investment banker, and FTI Consulting, Inc. as financial advisor.
TNT is a crane services platform that provides operated and maintained ("O&M") crane services and comprehensive lifting services to a broad customer base across multiple sites, with a diversified end market exposure. As a provider of O&M services, the Company supplies its customers with highly skilled operators, technical expertise and project engineering and design in connection with its lifting services.
SOURCE TNT Crane & Rigging, Inc.
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