Deadline day for vote on Ahern Rentals reorganization plans

Creditors of Ahern Rentals had until 4 p.m. Pacific Time on Monday, May 13 to vote on the two Chapter 11 restructuring plans on offer, one from Ahern Rentals itself and the other by a group of noteholders.

Following the voting, the US Bankruptcy Court will meet on June 3 to hold the ‘confirmation meeting’ to determine which of the two plans is approved.

The votes and the confirmation hearing will determine whether Don Ahern continues as the major shareholder and CEO of the business. The noteholders have not said whether existing management, including Mr Ahern, would continue in their current roles in the event that its reorganisation plan is approved.

The noteholders are a group of private equity firms comprising Del Mar Master Fund, Feingold O’Keefe Capital, Nomura Corporate Research & Asset Management, Och-Ziff Capital Management Group, Sphere Capital and Wazee Street Capital Management.

Ahern Rentals, based in Las Vegas, is the largest independent rental company in North America, with revenues in 2012 of US $353.4 million. It entered Chapter 11 bankruptcy protection in December 2011.