TNT Crane & Rigging and certain of its affiliates emerged from Chapter 11 bankruptcy protection. The company emerged from its restructuring as a private company with a new ownership group, recapitalized with a new $225 million term loan.
“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,” Michael Appling Jr., CEO of TNT, said. “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 was represented by Simpson Thacher & Bartlett and Young Conaway Stargatt & Taylor as legal co-counsel, Miller Buckfire & Co. and Stifel, Nicolaus & Co. as financial advisor and investment banker, and FTI Consulting as financial advisor.
TNT is a crane services platform that provides operated and maintained crane services and lifting services.