PE-Backed Crane Service Provider TNT Files For Bankruptcy (1)

One of the largest crane service providers in North America filed for bankruptcy, adding to a growing list of businesses that have stumbled as the economic impact from the pandemic mounts.

TNT Crane & Rigging Inc. will implement a pre-arranged Chapter 11 bankruptcy plan in Delaware, according to a filing Sunday. It listed both estimated liabilities and assets of $500 million to $1 billion.

TNT, which controls more than 700 cranes, was facing $466 million in debt maturities in the next four months. Its bankruptcy plan calls for handing almost all of the equity in the company to first-lien lenders, ...