Neff Rental announced this week it has emerged from Chapter 11 bankruptcy after successfully completing a financial restructuring sponsored by private investment funds managed by Wayzata Investment Partners.
“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 CEO. “Our restructuring puts Neff on a very solid financial footing and has the company positioned to explore growth opportunities as our markets improve.”
Neff filed its prearranged Chapter 11 cases on May 16. Pursuant to Neff’s Chapter 11 plan, confirmed by the United States Bankruptcy Court for the Southern District of New York on Sept. 21, Neff has transferred substantially all of its businesses and operations to Neff Rental LLC, which will own and manage Neff’s operations.
Wayzata has provided about $181.6 million in equity financing to Neff and Neff has secured a $175 million revolving credit facility from its existing lenders. Neff reduced its debt load by more than $400 million through the Chapter 11 process.
Based in Miami, Neff Rental is No. 16 on the RER 100.