03.11.2004

Maxim back on track?

In response to the ‘Maxim forced to sell up’ story published on Vertikal.net, October 18, 2004 . Maxim Crane Works, the world's largest crane hire company, has informed Vertikal.net that it was not exactly ordered to liquidate or sell off it’s assets, but was instructed to open up the bidding process to allow all suitors to bid on the entire company.

“Our competitors attempted to block our disclosure statement filing, but were unsuccessful,” said Maxim’s John Gutirez. “The disclosure statement was approved by the Court and is now being voted on by our unsecured and secured creditors.

“We are on track to complete our pre-negotiated reorganisation plan by the end of 2004.”

Latest word from Amquip is that they have tendered a formal offer at the district court for Maxim crane, worth $325 million. The ruling referred to in our earlier article requires the company to be sold to the highest bidder, this generally puts the incumbent owners and management in prime position. But not all bids are comparable and the creditors will usually make the final decision, with the help of the judge, in a close run bidding process.

Watch this space.