Struggling crane rental business Essex Rental Corp. (Nasdaq: ESSX) is withdrawing its stock from the Nasdaq exchange as the company considers a sale.

Essex rents and distributes mobile cranes, including lattice-boom crawler cranes, truck cranes, rough terrain cranes, self-erecting cranes, stationary towers, cranes, elevators, hoists and other lifting equipment. The products are used primarily for construction projects related to power generation, petro-chemicals, refineries, water treatment, bridges, highways, hospitals, shipbuilding, offshore oil fabrication, industrial plants and commercial and residential buildings.

The Buffalo Grove, Illinois-based business expects its stock to be quoted on the OTC Pink Sheets following the delisting. Essex says it should be delisted on or around Dec. 28, in a filing with the U.S. Securities and Exchange Commission.

Back in August, Essex received a notice from the Nasdaq saying that it didn’t meet the $1 per share requirement to remain listed on the exchange. "The company's board of directors unanimously determined to voluntarily delist from Nasdaq and deregister the common stock in light of the impending involuntary delisting from Nasdaq, and after consideration of the advantages and disadvantages of being a company registered with the SEC, including the cost of maintaining such registration and the company's continuing ability to finance such costs," Essex said in a filing with the SEC on Dec. 8.

Essex has had other financial problems aside from a lackluster stock price. The company says there is substantial doubt about the company's ability to continue as a going concern because it requires a significant amount of cash to make payments on outstanding debt and fund operations, according to the company's latest quarterly filing on Nov. 4.

The company entered into a fourth forbearance agreement with Wells Fargo Capital Finance LLC (NYSE: WFC) as administrative agent and lender, and PNC Bank NA, Alostar Bank of Commerce, Kayne Senior Credit Fund (QP) LP, Kayne Senior Credit Fund LP, 1492 Capital LLC and Medley Capital Corp. as lenders. Under the terms of the deal the company is allowed to request additional revolving loans through March 14.

In exchange, Essex had to agree to attempt to sell non-core assets and consider strategic alternatives for the company as a whole. Those alternatives include a sale of the business, according to a filing with the SEC.

For the previous edition of Turnaround Tuesday, see American Apparel Founder Dov Charney Hires Adviser in Attempt to Regain Control. For a list of struggling companies, check out Mergers & Acquisitions' Distressed Company Watch List.

The next issue of Turnaround Tuesday will be published Dec. 29.

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