Neff Rental, Inc. Completes Prearranged Financial Restructuring and Emerges from Chapter 11

Oct 01, 2010, 18:33 ET from Neff Rental, Inc.

MIAMI, Fla., Oct. 1 /PRNewswire/ -- Neff Rental, Inc., a privately owned equipment rental company, and certain of its affiliates (collectively, "Neff"), announced today that they have emerged from Chapter 11 after successfully completing a financial restructuring sponsored by private investment funds managed by Wayzata Investment Partners (collectively, "Wayzata").  

"We are extremely pleased to have completed our financial restructuring and are excited about the bright future for the company, its customers, employees, and suppliers," said Graham Hood, Neff's chief executive officer.  "Our restructuring puts Neff on very solid financial footing and has the company positioned to explore growth opportunities as our markets improve," continued Hood.

Neff filed its prearranged Chapter 11 cases on May 16, 2010.  Pursuant to Neff's Chapter 11 plan, which was confirmed by the United States Bankruptcy Court for the Southern District of New York on September 21, 2010, Neff has transferred substantially all of its businesses and operations to Neff Rental LLC, which will own and manage Neff's operations.  

In addition, in connection with the transactions contemplated by Neff's Chapter 11 plan, Wayzata has provided approximately $181.6 million in equity financing to Neff, and Neff has secured a $175 million revolving credit facility from its existing lenders.  

Neff was advised by AlixPartners LLP, Kirkland & Ellis LLP, and Miller Buckfire & Co. LLC. Wayzata was advised by Houlihan Lokey Howard & Zukin and Stroock & Stroock & Lavan LLP.

About Neff Rental, Inc.

Neff provides reliable and quality rental equipment to customers operating in the construction, industrial and governmental sectors.  With approximately 900 employees operating from branches coast to coast, Neff is ranked by Rental Equipment Register (RER) magazine as one of the nation's 20 largest equipment rental companies.  For more information, visit http://www.neffrental.com/home.aspx.

SOURCE Neff Rental, Inc.



RELATED LINKS

http://www.neffrental.com