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AmQuip Corporation Makes Offer for Maxim Crane Works Assets

Wed November 03, 2004 - Northeast Edition
CEG



Albert C. Bove, president of Anthony Crane Rental LP dba Maxim Crane Works, which is operating under Chapter 11 of the Bankruptcy Code, together with AmQuip Corporation, “The Crane People,” filed a motion to allow them to file a competing plan of reorganization. The proposed Bove/ AmQuip Plan contemplates a sale of substantially all of Maxim Crane Works’ assets to AmQuip Corporation.

Maxim Crane is a provider of comprehensive crane and lifting equipment rentals and services in North America. With more than 1,700 employees, the company has a network of 38 crane rental yards, plus three satellite locations, that provide services to approximately 8,000 customers in 41 states and the U.S. Virgin Islands.

Bove, who has been with Anthony Crane for over 30 years, explained, “if the sale to AmQuip occurs, Maxim Crane will once again be run by crane people, rather than accountants, lawyers and MBA’s. I know from the very depths of my heart that this is the only way the company can be saved.”

Bove strongly believes that “if the company’s plan is confirmed, the company will fail again and will be forced to close the doors and liquidate.” Bove is concerned, “this could be just like US Airways, back in Bankruptcy within 18 months because we did not have the right plan.”

AmQuip “The Crane People” is the leading provider of crane rentals and related services in the Northeastern United States. AmQuip owns and operates hundreds of cranes, ranging in size from “small” machines such as the 6-ton industrial crane up to 500-ton all-terrain and crawler cranes.

The company was founded by Joseph L. Wesley, a professional crane operator.

“I have a been a crane operator since I was 15 years old. Relying on the lessons in discipline and teamwork I received in the Marine Corps, I am certain that Al and I can rebuild Anthony Crane to its former prominence,” said Wesley.

Under the Bove/AmQuip Plan, substantially all of the debtors’’ assets will be sold at auction for the highest and best price obtainable, and in order to facilitate the auction, AmQuip Corporation will act as the stalking horse bidder. After confirmation of the Bove/ AmQuip Plan a hearing on the proposed sale and auction will take place within 30 days.

Closing will occur within 11 days of court approval of the sale.