05.11.2010

Coast Crane decision next week

The future ownership of Coast Crane the US crane and access rental company currently in chapter 11, should be decided next week.

When the company filed for chapter 11 bankruptcy protection in September, it also announced that it had entered into an Asset Purchase Agreement with a "stalking horse" bidder* Clearlake Capital Group, a private equity firm.

Since then other interested parties have also had the opportunity to bid, one of which is crawler crane rental company Essex Crane. Which is confident that it will succeed. It will pay for the acquisition by issuing and selling up to 3.3 million new shares at $4.30 per share, raising $14.2 million.

The auction will close on Monday November 8th, with a decision likely by next Friday – November 12th.

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