Coast Crane Files for Ch. 11, Plans Asset Sale

Law360, New York (September 23, 2010, 6:05 PM EDT) -- Coast Crane Co., struggling with a decline in construction demand as a result of the economic downturn, has filed for bankruptcy and plans to sell its assets at auction.

The company, which rents and sells cranes, boom trucks, tower cranes, forklifts and aerial lifts, said Wednesday that Coast Rainier Acquisitions Co. had entered into a stalking horse agreement to buy the company. In the absence of overbids, Coast Rainier Acquisitions will pay $31 million in cash, as well as assume more than $48 million of Coast...
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