Manitex International has reduced its European bank debt by approximately €4.96m ($5.5m). The European bank debt was retired at a 15% discount to its face value.
Improvements in working capital, via accelerated inventory turns and other operating cash flow that the company has generated since reporting its first quarter results, enabled the debt reduction and balance sheet improvement.
“We remain committed to lowering our debt and debt servicing costs, by using every resource possible to strengthen our financial position in a challenging business environment. We have been focused on generating cash from operations over the past few quarters, and this has put us in a good position to reduce some of our European debt, at a discount,” said Steve Filipov, CEO of Manitex International. “Given the continued uncertainty with our end markets, we are going to continue to focus on the things we can control, with aggressive cost management and working capital reductions. This focus will allow us to maintain good liquidity and balance sheet improvement.”
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