US crane rental giant Maxim Crane Works says that the United States Bankruptcy Court for the Western District of Pennsylvania has approved its disclosure statement in support of its reorganisation plan.
The plan of reorganisation is now fully consensual among all the company’s key stakeholders,’ the company said.
The Court set the confirmation hearing for 30 December.
‘We are very pleased to have reached agreement with our key stakeholders on our plan and to receive Court approval to move forward with the solicitation,’ said Art Innamorato, chief executive officer of Maxim Crane Works.
‘Having achieved this important milestone, we are continuing to work with Goldman Sachs to complete our exit financing. We are optimistic Maxim Crane will emerge from Chapter 11 early next year with a significantly de-leveraged capital structure, positive cash flow and a well-structured financing package that will allow the Company to grow and prosper in the coming years.’
The company has also announced that the Court has approved its request to suspend a marketing process that the Court had mandated at a hearing on 18 October.
According to Maxim: ‘The creditors’ committee joined the company in making that request because it now supports the plan as the best alternative for all parties.’
Maxim Crane Works filed its voluntary petition in the Bankruptcy Court on 14 June.
