NationsRent Obtains DIP Approval; Appoints Petrocelli

NationsRent announced last week that it obtained final court approval of its $55 million debtor-in-possession financing led by Fleet National Bank. The company has yet to borrow under the DIP financing and currently has about $40 million of cash.

The Fort Lauderdale, Fla.-based company, which filed for Chapter 11 bankruptcy protection in December, also announced the appointment of Phil Petrocelli as interim president and CEO. Petrocelli served as executive vice president of NationsRent since its inception in 1998. Petrocelli will direct the company through the reorganization process until a permanent president and CEO is found. NationsRent has retained, subject to court approval, the executive search firm of Korn/Ferry International to aid in this search.

NationsRent also appointed Thomas Bruinooge non-executive chairman of the board. Bruinooge has served as an outside director of NationsRent since 1998. Bruinooge will work with the board, senior management and financial advisors to maintain relationships with custmers and vendors and help develop a reorganization plan to help the company emerge successfully from Chapter 11.

NationsRent is No. 4 on the RER 100.