A bankruptcy court hearing to confirm NationsRent’s plan of reorganization is set for April 3, and the new ownership team, composed of lenders led by Boston-based Phoenix Rental Partners and the Baupost Group, is scheduled to take over April 28 if the plan is approved by a bankruptcy judge.
“It’s a tremendously valuable platform they’ve created here,” said Putman about the Fort Lauderdale, Fla.-based consolidator. “The main thing we will be focusing on is making sure the company comes out of bankruptcy with a fair chance of survival long term. We’re not here to cut costs or to liquidate assets. We’re here to grow what’s basically a good company.”
The Phoenix group is led by Bryan Rich who sold the Logan Companies to NationsRent in 1998. Rich will serve as co-chairman of the board and executive director. He and Putman will be among seven new directors to be appointed.
Rich and Putman have been working with NationsRent’s current management on the transition. “Jeff is a knowledgeable, seasoned executive,” NationsRent CEO Clark Ogle said. “He brings some industry experience.” Putman worked for Fluor for 26 years, all but the last four for American Equipment Co., now known as AMECO, based in Greenville, S.C.
NationsRent is No. 6 on the RER 100.
