TNT’s reorganization plan was completed in just over five weeks.
TNT Crane & Rigging has emerged from Chapter 11 bankruptcy protection, completing a transaction that has strengthened the company’s balance sheet positions it for future success, according to a news release.
“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 press release said.
TNT 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 emergence from bankruptcy can be found at https://cases.primeclerk.com/TNTCrane.