Ahern Rentals Needs More Time to File Restructuring Plan

Equipment rental company Ahern Rentals announced it will need additional time to continue developing its restructuring plan, a Dow Jones Daily Bankruptcy Review article said.

Court documents filed on Friday, March 23 said that the company wants to have until August 20 to file its plan without any threat of other proposals. The company also wants until October 19 to poll its creditors, the article said.

A hearing to determine approval of the company’s motion is slated for April 3.

In a related story, Bloomberg Businessweek reported that with the restructuring deadline approaching, Ahern Rentals’s $236.7 million of 9.25% second-lien notes are soaring as speculation mounts that billionaire Tom Gores’ Platinum Equity, which already runs equipment renter Maxim Crane Works, will use its stake in the debt to take over, according to two investors in the securities, who asked not to be identified because the negotiations are confidential.

To read the full Bloomberg Businessweek article click here.

Previously on monitordaily.com: Court Approves Ahern Rentals DIP Financing, published February 1, 2012

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