Max Equipment Rental emerges from Chapter 11
By Murray Pollok31 January 2011
US rental company Max Equipment Rental has received court approval for its Chapter 11 reorganisation plan. The California-based company entered Chapter 11 bankruptcy protection in December 2009.
According to FocalPoint, the investment bank that has helped Max Equipment through the Chapter 11 process, secured creditors will be paid in full over time with new payment terms. Max Equipment's joint owners and managers, Mason Bailey and Robert McDaris, will retain 100% ownership and control.
Founded in 2000, Max serves Southern California and Northern Mexico. It is close to several military bases in Southern California and is a preferred supplier to contractors servicing military facilities.
It entered Chapter 11 following the recession. However, FocalPoint said Max started to see a turnaround in its business at the end of 2010, with an increase in rental rates and equipment utilisation rates.
Mason Bailey said; "we expect the multi-billion dollar military base construction projects in Southern California to provide steady and constant work for Max. We are now properly capitalised to take advantage of the rebound in this market.
"Our customers can continue to count on the highest level of service they have come to expect from Max Equipment."
The company has two depots in California - Perris and Oceanside - and two in Mexico, in Tijuana and Mexicali.