07.01.2021

Manitex cuts debt

Manitex has paid off two convertible notes totalling $15.5 million that fell due in December and January and paid off a further $2 million in European term debt associated with the PM subsidiary.

Chief financial officer Joe Doolan said: "Despite the very challenging operating environment, largely caused by the global Covid-19 pandemic, we have taken consistent actions throughout the year to align our production with forecasted demand, focus on cash generation, and improve our balance sheet. We expect to enter 2021 with net debt of approximately $30 million, the lowest level for our company in nearly a decade, and global liquidity of approximately $30 million between our cash and credit lines."

"Also, importantly, an amendment to our US revolving credit, as previously disclosed in December, allows for even further benefits to our financial flexibility that will help us continue to execute our recovery and growth plans."