The United States Bankruptcy court has confirmed Neff Rental’s chapter 11 plan, paving the way for the company to emerge from Chapter 11 bankruptcy within the next few weeks, the company said. The U.S. Bankruptcy Court for the Southern District of New York has confirmed Neff's plan, sponsored by private investment funds managed by Wayzata Investment Partners.
With court acceptance of the plan, Neff will reduce its debt load by more than $400 million. As part of the plan, Wayzata has committed to provide about $181.6 million in equity financing to Neff. Also, Neff’s existing lenders will provide a $175 million revolving credit facility to Neff, which will transfer substantially all of its business and operations to Reorganized Neff LLC, which will own and manage the Neff operations going forward.
“I am pleased that we were able to complete our prearranged reorganization in less than five months,” said Graham Hood, Neff CEO. “I look forward to working with Wayzata and all of our stakeholders to build long-term value for Neff and its stakeholders. As a result of the restructuring, Neff will be able to recapitalize its business and provide for future capital needs, while preserving approximately 900 jobs.”
Neff was able to resolve all of the objections to the plan on a consensual basis and a majority of all classes of creditors entitled to vote on the plan voted in favor of it.
Based in Miami, Neff Rental is No. 16 on the RER 100.
