Simpson Thacher represented TNT Crane & Rigging (the “Company”) in its chapter 11 restructuring, which went effective October 16, 2020, after the Bankruptcy Court for the District of Delaware confirmed the Company’s pre-packaged plan of reorganization following the September 30, 2020 confirmation hearing.
After commencing the pre-packaged chapter 11 cases on August 23, 2020, Simpson Thacher guided the Company through a brief in-court restructuring process, which received approval from close to 100% of holders of claims that voted on the plan. The plan equitized a substantial portion of the claims of TNT’s first lien lenders, and discharged the claims of TNT’s second lien lenders and equity sponsor in exchange for small equity distributions (in each case subject to dilution by a management incentive plan). In addition, the first lien lenders provided a $225 million term loan to recapitalize the Company, the proceeds of which will be used to fund ongoing working capital and business operations.
TNT is a crane services platform that provides operated and maintained (“O&M”) crane services and comprehensive lifting services to a broad customer base across multiple sites, with a diversified end market exposure. As a provider of O&M services, the company supplies its customers with highly skilled operators, technical expertise and project engineering and design in connection with its lifting services.
The Simpson Thacher team includes Elisha Graff, Kathrine McLendon, David Zylberberg, Cristina Liebolt, Ashley Gherlone and Alexi Thomas (Restructuring); Alden Millard, Michael Vernace and Dorothy Hector (Credit); Nancy Mehlman, Tyler Robbins and Edward Grais (Tax); Christopher May, Jacqui Bogucki and Zain Rifat (M&A); Brian Rosenzweig and Brian Mathes (Capital Markets); Larry Moss and Monisha Bhayana (ECEB); Bryce Friedman (Litigation); and Genevieve Dorment and Loren Shokes (IP).