On Tuesday, Neff Corp. will ask the New York bankruptcy court to confirm its bankruptcy-exit plan, based on an investment deal with Wayzata Investment Partners, the Wall Street Journal reported last week.

Wayzata won the right to fund Neff’s restructuring plan at an auction last month. The company agreed to trade its debt for an ownership stake in the company and to buy any shares other senior lenders don’t purchase through a $181.6 million equity rights offering. Wayzata outbid former Neff owner Odyssey Investment Partners, an offer that could be a backup option.

The restructuring will eliminate more than $400 million in debt. Under Neff’s Chapter 11 restructuring plan, senior lenders will be paid in full and junior lenders will receive leftover funds. Unsecured creditors, including bondholders owed $36 million, will receive a $365,000 cash payment if they vote to accept the plan.

Neff’s unsecured creditors will ask the court on Tuesday for permission to file a lawsuit over a pair of leveraged buyouts that they say more than tripled Neff’s debt and put it on the road to bankruptcy. The lawsuits will ask for $366.8 million paid to former Neff shareholders in 2007 and invalidate the liens held by two groups of lenders owed almost $700 million.

Based in Miami, Neff Rental is No. 16 on the RER 100.