TNT Crane & Rigging Files for Chapter 11

TNT Crane & Rigging filed for Chapter 11 bankruptcy protections on August 23, 2020, becoming the latest oil industry company to succumb. Before COVID-19, TNT struggled under the weight of its existing debt. The launching and maintenance of its own company took massive financing, much of which was about to come due.

Known predominantly for the use of its rigging equipment by the oil industry, TNT also provides many other services, including facility maintenance, construction and maintenance of wind farms, and installation of commercial machinery and equipment.

TNT realized late last year it would need to secure investors. Though its crane rental service had been widely successful, the company was $666 million in debt. And $466 million of that is due to mature soon. Appearing in a...

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