Neff Rental, Inc. Announces That an Affiliate of Wayzata Investment Partners Is Successful Bidder at Auction and That It Remains on Track to Emerge From Chapter 11 in the Near Term

MIAMI, Aug. 19 /PRNewswire/ -- Neff Rental, Inc. ("Neff"), a privately owned equipment rental company and certain of its affiliates, announced that it had selected an affiliate of Wayzata Investment Partners ("Wayzata") as the successful bidder to sponsor Neff's plan of reorganization at a court-approved auction conducted as a part of Neff's prearranged reorganization proceedings. Neff also announced that it had designated a bid submitted by a group composed of an affiliate of Odyssey Investment Partners and certain of Neff's second lien lenders as the "backup" bid submitted at the auction. Neff has also filed a revised Chapter 11 plan to incorporate the terms of Wayzata's successful bid (the "Plan").

As a result of the auction, cash recoveries available to Neff's second lien lenders have increased from $10 million to $73 million. In addition, first lien term loan lenders may elect to receive payment in full in cash or participate in a rights offering for up to $181.6 million. The rights offering is fully backstopped by Wayzata.

With these developments, Neff remains on track to complete its financial restructuring, eliminate more than $400 million in debt, and emerge from Chapter 11 in the near term. The deadline to vote on Neff's Plan is September 1, 2010, with Neff's confirmation hearing scheduled to occur on September 14, 2010.

"I am pleased with the auction results and the additional value for our stakeholders generated by the auction. I look forward to working with Wayzata Investment Partners to build long term value for Neff and its stakeholders," said Graham Hood, Neff's chief executive officer.

About Neff Rental, Inc.

Neff Rental, Inc. provides reliable and quality rental equipment to customers operating in the construction, industrial and governmental sectors. With approximately 900 employees operating from branches coast to coast, Neff Rental, Inc. is ranked by Rental Equipment Register (RER) magazine as one of the nation's 20 largest equipment rental companies. For more information, visit http://www.neffrental.com/home.aspx.

SOURCE Neff Rental, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED