essex rental corp (ESSX) Key Developments
Essex Rental Corp. Appoints McGladrey LLP as Independent Registered Public Accounting Firm
Jul 20 15
Essex Rental Corp. announced the appointment of McGladrey LLP as its independent registered public accounting firm by the Audit Committee of the Board of Directors. McGladrey will commence work beginning with their review of the company's financial results for the three and six months ending June 30, 2015.
Essex Rental Corp. Elects Bill Fox to Chair Both the Nominating and Governance Committee and the Compensation Committee
Jul 6 15
Essex Rental Corp. has elected Bill Fox to chair both the Nominating and Governance Committee and the Compensation Committee. The Company also announced that it has determined to not continue to pursue a sale or other strategic
alternative for its operating subsidiary, Essex Crane Rental Corp., at the present time.
Essex Rental Not To Purse Sale Of Essex Crane
Jul 6 15
Essex Rental Corp. (NasdaqCM:ESSX) announced that it has determined to not continue to pursue a sale or other strategic alternative for Essex Crane Rental Corp. at the present time. Nick Matthews, Essex's Chief Executive Officer, stated: "We continue to execute on our operating initiatives and the Board remains dedicated to evaluating every available option to maximize stockholder value. However, after reviewing market feedback assembled by our financial advisor, RBC Capital Markets ("RBC"), the Board has elected not to continue the strategic evaluation process with RBC with respect to Essex Crane or the Company as a whole. The information we received during this process has been valuable and the Board intends to maintain an ongoing dialogue with RBC."
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.