TNT Crane Gets Court OK to Tap $45 Million Bankruptcy Loan

Bankrupt TNT Crane & Rigging, Inc. got court approval to tap $20 million of $45 million bankruptcy financing, allowing the crane operator to pay immediate expenses.

Judge Brenda L. Shannon of the U.S. Bankruptcy Court for the District of Delaware, who granted the company’s motion for interim financing at a hearing Tuesday, also approved other first-day motions for paying wages and other business expenses.

The Houston-based company filed a pre-packaged Chapter 11 plan Aug. 23 with $466 million in debt. Under the plan, the first-lien lenders will get 97% of the reorganized company’s equity after providing a $225 million loan ...