Crane Operator TNT Seeks Debt-Equity Swap to Avoid Bankruptcy

FR TNT Holdings LLC has struck a restructuring deal to transfer equity to its lenders in hopes of avoiding bankruptcy.

The agreement would result in a $225 million term loan provided by its first lien lenders, TNT said in a statement Tuesday.

The deal involves holders of more than 73% of the crane services provider’s first lien secured loan principals and 75% of its second lien secured loans. TNT plans to solicit all first- and second lien holders for the equity exchange, and the deal will be consummated only if all lenders participate, it said.

TNT and some of its ...