EDMONTON, Alberta — United Rentals last month reached an agreement to acquire St. Albert, Alberta-based Skyreach Equipment, the Edmonton Journal reported.
Saddled with more than $100 million Canadian in debt and under creditor protection, Canada's version of bankruptcy protection, United's bid was accepted by a Canadian judge over 11 other offers to acquire the aerial work platform rental specialist, which has 13 locations and is ranked No. 25 on the RER 100.
Bench Justice Juliana Topoliniski approved the sale, agreeing with the court-appointed monitor that United's offer of about $72 million Canadian (about $54.5 million U.S.) was the best for all parties. It allows Skyreach to continue operating with the same staff and provides for payments to a high percentage of the company's more than 900 creditors. It also allows for Skyreach employees to receive owed vacation pay, the Journal said.
Final claims must be made by Jan. 15, after which creditors will vote on the deal.
The court ruled that a pool of $500,000 must be provided for unsecured creditors, a majority of which must approve the deal. Attorneys for the most of the major creditors have approved the sale.
United Rentals is No. 1 on the RER 100, with about 750 branches in 47 states, seven provinces and Mexico.
