Maxim Crane has debt reduction plan, files Chapter 11
Maxim Crane Works, the privately held crane rental company, filed for Chapter 11 bankruptcy protection in Pittsburgh on Monday as part of an agreement it reached with lenders to restructure its balance sheet.
The pre-negotiated Chapter 11 filing will facilitate the agreement with Maxim Crane's secured lenders who have agreed to cut the company's outstanding debt by more than half in return for most of the company's equity
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