TNT Crane & Rigging’s Debt-Equity Swap Bankruptcy Plan Approved

TNT Crane & Rigging Inc., one of the largest crane operators in North America, won approval of its Chapter 11 bankruptcy plan giving equity to lenders and paying unsecured creditors in full.

The plan, approved Thursday by Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware, was accepted by an “overwhelming majority” of creditors who had voting rights based on their claims, TNT said in a court filing.

First lien lenders will get 97% of the company, with the remaining 3% going to junior lien creditors. Employees, vendors, and general unsecured creditors will be ...