Ahern Rentals confirms final exit from Chapter 11
By Murray Pollok25 June 2013
Ahern Rentals officially exited the Chapter 11 process on 24 June following the bancruptcy court’s acceptance of its restructuring plan on 6 June.
The company, one of the largest independent rental firms in North America, filed for Chapter 11 protection in December 2011.
Don Ahern and his brother John Paul Ahern, Jr, retain 100% of the capital stock in the company. Under the restructuring plan, “second lein” debt holders – those second in line to receive debt repayments – will be paid the face value of their loans plus interest due up to the start of the Chapter 11 process, while other creditors will get 100% of their allowed claims.
Don Ahern, president and CEO, said; “We thank our customers and our employees, suppliers and business partners, whose loyalty during this process has been instrumental in our continued financial success and our success in emerging from bankruptcy.” Mr Ahern also thanked the company’s financial and legal advisors.
The company said in a statement that it was “positioned well from both an operational standpoint and capital structure to continue its strong growth into the future.”