essex rental corp (ESSX) Key Developments
Essex Rental Receives Letter of Default from Wells Fargo Bank
Jun 24 15
Essex Rental announced that it received a notice of default on June 18, 2015 from Wells Fargo Bank. Wells Fargo is the lead lender and agent under the Essex Crane Revolving Credit Facility. The default was a result of a decline in the appraised liquidation value of the company's rental equipment fleet. This has forced a decline in the borrowing base, putting the excess credit availability at less than 10% of the total loan commitment. The event of default may also trigger a default under the cross-default provisions contained within Essex's unsecured promissory notes, unless waived by the holders of those notes. While Essex continues negotiations to obtain a waiver, it expects that it will be able to continue to use the Essex Crane Revolving Credit Facility to fund operations.
Edward Levy, Not to Stand for Reelection as a Member of the Board of Essex Rental Corp
Jun 5 15
On June 3, 2015, Edward Levy, a member of the Board of Directors since 2008, notified Essex Rental Corp. that he will not stand for reelection at the 2015 annual meeting.
Essex Rental Corp., Annual General Meeting, Jun 09, 2015
Jun 5 15
Essex Rental Corp., Annual General Meeting, Jun 09, 2015., at 10:00 US Eastern Standard Time. Location: Offices of Brown Rudnick LLP, Seven Times Square. Agenda: To consider executive nominations.
Essex Rental Corp. Appoints Marc Dowdell as Chief Operating Officer
Jun 3 15
Essex Rental Corp. announced the appointment of Marc Dowdell to the position of Chief Operating Officer. In the role of COO, Marc will be primarily focused on refining its existing performance metrics to enhance its profitability, monitoring fleet data to optimize its asset utilization and growing revenues across all lines of business. Mr. Dowdell brings approximately 20 years of experience, including executive, marketing and operational leadership, to his role as Essex's new COO. Prior to joining the company, Mr. Dowdell served as President for LiuGong North America, a wholly owned subsidiary of Guangxi LiuGong.
Essex Rental Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 6 15
Essex Rental Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, total revenues were $22.066 million against $21.086 million a year ago. loss from operation was $1.617 million against $1.995 million a year ago. Loss before income tax was $5.769 million against $5.108 million a year ago. Net loss $3.556 million or $0.14 per diluted share against $3.169 million or $0.13 per diluted share a year ago. Adjusted EBITDA was $2.997 million against $2.867 million a year ago.