15.11.2004

The Maxim Crane saga continues

The world’s largest crane hirer, Maxim Crane, currently going through the chapter 11 process, has gained approval of the full creditors committee for its plan of reorganisation and as a result of this the court has approved the adequacy of the company’s disclosure statement. The court has also agreed to suspend the marketing programme that was ordered by the judge on October 18th. (See Vertikal.Net News Archive October 18th "Maxim forced to sell up")

It appears that all of the major creditors now believe that the company’s plan offers the best return for Maxim creditors...
“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," says Arthur Innamorato, CEO 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," said Innamorato.

The next step is the confirmation hearing which will be held on December 30th, while this latest move bodes well for Maxim emerging from chapter 11 intact, there is always a chance that an alternative plan will disrupt the final stages of the process which includes a full vote by all creditors.

Watch this space.