Jonathan F. Foster Completes Two Board Assignments as the Independent Director of Companies that Recently Restructured and Successfully Emerged from Chapter 11

New York, New York, October 28, 2020 – Jonathan F. Foster recently completed assignments as the independent director at TNT Crane & Rigging, Inc. and Techniplas, LLC, helping to guide both companies through a financial restructuring and successful emergence from a Chapter 11 bankruptcy reorganization.

TNT is a crane services platform that provides operated and maintained crane services and comprehensive lifting services to a broad customer base across multiple sites, with a diversified end market exposure. Owned by First Reserve, TNT became seriously impacted by the economic environment spawned by Covid-19, which resulted in depressed oil prices and a difficult environment in many of TNT Crane’s end markets. On October 16, 2020, TNT announced that the Company and certain subsidiaries emerged from Chapter 11 bankruptcy protection, completing a transaction that has strengthened the Company’s balance sheet and best positions TNT for future success. The Company completed its restructuring in just over five weeks, emerging as a private company with a new ownership group and recapitalized with a new $225 million term loan.

Techniplas is a global provider of highly engineered plastic components, primarily for the automotive sector as well as industrial, consumer, medical, and other markets. The Company’s products align with industry trends, including vehicle lightweighting and electrification and an increasing focus on comfort and safety. Privately owned by an individual, Techniplas became materially impacted by the COVID-19 outbreak, which resulted in a rapid slowdown in demand for the company’s products and the shut down of all but two of its plants. With $175 million of looming debt maturities on May 1, 2020 and more than $17 million in borrowing due under a credit agreement, the Company filed for Chapter 11 bankruptcy protection. On June 12, 2020, Techniplas executed a sale of its core assets to certain of its existing investors. The Company’s new owners include Bayside Capital, Amzak Capital Management, and The Jordan Company, who have contributed over $50 million in fresh capital in order to provide the Company a strong balance sheet. The Company will now have significantly less debt and more liquidity to invest in sustainable future growth to the benefit of its customers.

Foster has now served or continues to sit on more than 30 boards, including for large public companies (such as Berry Global and Lear Corporation), companies being restructured (such as Toys “R” Us, Macy’s and Intelsat) and companies post a successful restructuring (such as Aludyne and Appvion).

About Current Capital Partners

Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions and restructuring advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high quality financial advisory services – including ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.

Contact

Jonathan F. Foster
Managing Director
Telephone: +1 212 223 0618
Email: [email protected]

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