US rental company Neff Rental said this week that it had successfully emerged from Chapter 11 after completing its financial restructuring with private equity partner Wayzata Investment Partners.
Neff filed for ‘pre-arranged' Chapter 11 protection on 16 May 16, 2010. Since then, Wayzata has provided approximately US$181.6 million in equity financing to Neff and the company has secured a $175 million revolving credit facility from its existing lenders.
"We are extremely pleased to have completed our financial restructuring and are excited about the bright future for the company, its customers, employees, and suppliers," said Graham Hood, Neff's chief executive officer.
"Our restructuring puts Neff on very solid financial footing and has the company positioned to explore growth opportunities as our markets improve".
Neff has 900 employees and is ranked as one of the top 20 equipment rental companies in North America.