FORT LAUDERDALE, Fla. — NationsRent emerged from Chapter 11 reorganization June 13, completing the required actions and satisfying all the conditions to its consensual plan of reorganization confirmed by the U.S. Bankruptcy Court for the District of Delaware. In conjunction with its emergence from Chapter 11, the Fort Lauderdale, Fla.-based rental company obtained a $150 million senior secured revolving credit facility from a syndicate of lenders, and $80 million of new capital from the Baupost Group LLC.

The formerly public company is now a private one, controlled by Baupost and Phoenix Rental Partners LLC. NationsRent's existing equity securities, including its common stock, have been cancelled.

“Our emergence from Chapter 11 marks the birth of a new NationsRent, a feat due in large part to the dedication of our employees, our vendors and our alliance partners to persevere and succeed through what has been a difficult economic period,” said new CEO Jeff Putman. “This restructuring has enabled us to put our financial house in order, significantly reducing debt and increasing our capital base. We believe the timing of this emergence could not be better in light of our improving business environment.”

NationsRent's senior leadership team will include chief financial officer Thomas Hoyer and regional vice presidents Ron Halchishak, Francis Hassis, John Jackson, Fernando Pinera, Tim Stommel and Bill Stewart.

No. 6 on the RER 100, NationsRent has more than 250 locations, including more than 80 at Lowe's Home Improvement locations.