Restructured Company Gets Reorganization Plan Confirmed

Zeiger Crane Rental

Riviera Beach, Florida


Zeiger Crane leases a fleet of Manitowoc and Link-Belt Crawler Cranes ranging from 150-ton to 550-ton. $15 million sales. $16 million debt.

  • The crane rental and construction industry was adversely impacted by the real estate bubble
  • Overall, the construction industry declined in South Florida by 60%
  • Five major Florida crane and construction companies filed for bankruptcy protection in the preceding year
  • The company strained relationship with lenders by default and selling collateral without approval
  • The company rolled over assets every three years, which meant they had all new assets that were severely under utilized during the slowdown in business
  • The owner had personal guaranties on all significant debt and accounting and finance functions were very weak


  • MorrisAnderson was engaged as Financial Advisor and Chief Restructuring Officer (CRO)
  • Prepared a pre-bankruptcy restructuring plan to reduce debt and negotiate with lenders
  • Used the bankruptcy court to assist in the return of underutilized assets to vendors
  • Immediately reduced costs, renegotiated leases and surrendered assets with negative net values to the company
  • Worked with lenders to restructure debt payments to meet plan coverage
  • Negotiated surrender of equipment to reduce payments and reduce personal guaranty issues


  • Negotiated deals with all lenders who in turn gave 100% support of the reorganization plan
  • Reduced high priced financed equipment to a more reasonable lease purchase plan that allowed flexible return of under utilized assets
  • Eliminated owner’s personal guaranties and negotiated out over $2 million in potential avoidance actions
  • Saved company from liquidation and created a platform for stability going forward

Mark J. Welch

Mark J. Welch, CPA, CTP is a Principal at MorrisAnderson based in Pittsburgh. He has over 20 years in bankruptcy and restructuring experience especially in leadership roles and fiduciary positions with clients. Prior to joining MorrisAnderson, Mark was the Director of Internal Audit at Southern Air Transport, Inc., a mid-sized cargo air-transport airline. He also Read More