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February 11, 2016 5:24 PM ET

Trading Companies and Distributors

Company Overview of Essex Crane Rental Corp.

Company Overview

Essex Crane Rental Corp. specializes in new and used crane rentals, sales, and services in North America. It offers lattice-boom crawler cranes, truck and rough terrain cranes, duty cycles, MAX-ER and ringer attachments, and luffing jib and tower attachments, as well as parts, such as booms and boom accessories ranging from boom tops to blocks to balls to sheaves. The company also provides services, including maintenance and refurbishment services, and field support services. It offers its products to construction projects in the areas of power generation plants, petro-chemical plants, refineries, water treatment and purification plants, bridges, highways, hospitals, shipbuilding, and commer...

1110 Lake Cook Road

Suite 220

Buffalo Grove, IL 60089-1974

United States

Founded in 1960

Phone:

847-215-6500

Fax:

847-215-6535

Key Executives for Essex Crane Rental Corp.

Chief Executive Officer and President
Age: 42
Chief Financial Officer
Age: 38
Vice President of Operations & Customer Support
Compensation as of Fiscal Year 2015.

Essex Crane Rental Corp. Key Developments

Essex Crane Rental Corp. Enters into Fourth Forbearance Agreement

On November 25, 2015, Essex Crane Rental Corp. entered into a fourth forbearance agreement effective as of November 23, 2015, by and among Essex Crane, Wells Fargo Capital Finance LLC, as administrative agent and itself as a lender, PNC Bank, National Association, Alostar Bank of Commerce, Kayne Senior Credit Fund (QP) L.P., Kayne Senior Credit Fund L.P., 1492 Capital LLC, and Medley Capital Corporation as lenders. In connection with the forbearance agreement, Essex Holdings, LLC executed a consent and reaffirmation of its guaranty obligations to the agent and lenders, which is an exhibit to the forbearance agreement. The forbearance agreement and the consent and reaffirmation are the direct result of the previously disclosed events of default under the Essex Crane fourth amended and restated credit agreement. Under the terms of the forbearance agreement, Essex Crane is permitted to request dditional revolving loans under the Essex Crane revolving credit facility through the period ended March 14, 2016. In exchange, Essex Crane is required to engage an asset disposition firm for the purposes of marketing, selling and disposing of the company's non-core assets. The sale of these non-core, or under-utilized, assets is not anticipated to have a significant impact on the company's future rental revenue cash flow. Additionally, Essex Crane is required to engage an investment banker for the purposes of preparing, marketing and consummating strategic alternatives, including the sale of all, or substantially all, of the assets of Essex Crane. The company cannot ensure that Essex Crane will be able to effect any such actions in a timely manner, on satisfactory terms, or at all, in which case, Essex Crane may need to seek protection from its creditors under applicable law or consider other restructuring and recapitalization transactions.

Essex Crane Rental Corp. Enters into Second Forbearance Agreement with Lenders

On September 15, 2015, Essex Crane Rental Corp. (Essex Crane) entered into a Second Forbearance Agreement by and among Essex Crane, Wells Fargo Capital Finance LLC, as Administrative Agent and itself as a lender, PNC Bank, National Association, Alostar Bank of Commerce, Kayne Senior Credit Fund (QP) L.P., Kayne Senior Credit Fund L.P., 1492 Capital LLC, and Medley Capital Corporation as lenders. In connection with the Forbearance Agreement, Essex Holdings, LLC executed a Consent and Reaffirmation of its guaranty obligations to the Agent and Lenders, which is an exhibit to the Forbearance Agreement. The Forbearance Agreement and the Consent and Reaffirmation are the direct result of the previously disclosed events of default under the Essex Crane Fourth Amended and Restated Credit Agreement. Under the terms of the Forbearance Agreement, Essex Crane is permitted to request additional revolving loans under the Essex Crane Revolving Credit Facility through the period ended September 25, 2015. Additionally, Essex Crane is permitted to sell six traditional crawler cranes without restriction as to minimum sales price. In exchange, Essex Crane is subject to additional reporting and documentation requirements, including the submission of a thirteen week cash flow forecast, and is required to retain a chief restructuring officer on or before September 21, 2015. The complete description of all terms and conditions is provided in the full text of the Forbearance Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The agent and lenders have reserved all of their respective rights and remedies available under the Essex Crane Revolving Credit Facility and applicable law as a result of the events of default or any other events of default that may otherwise occur at any time. Subject to the terms of the Forbearance Agreement, the Company expects that it will be able to continue to use the Essex Crane Revolving Credit Facility to fund operations during the term of the Forbearance Agreement.

Essex Rental Not To Purse Sale Of Essex Crane

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."

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