Neff Rental, Inc. Receives Approval of First Day Motions

MIAMI, May 17 /PRNewswire/ -- As previously announced, Neff Rental, Inc. (the "Company"), a national, privately owned construction equipment rental company, and certain of its affiliates have commenced a prearranged reorganization under Chapter 11 of the United States Bankruptcy Code to deleverage the Company's balance sheet and eliminate more than $400 million of debt.  Today, the Company announced that it has received Bankruptcy Court approval of its "first day" motions at a hearing in the United States Bankruptcy Court for the Southern District of New York.  The Bankruptcy Court granted interim approval for the Company's $175 million debtor-in-possession financing and use of its cash resources.  The financing and cash resources will provide the Company with the financial flexibility to meet its ongoing financial obligations, including employee wages, healthcare benefits, supplier payments, and other operating expenses.

The Bankruptcy Court also scheduled a hearing to approve the disclosure statement for the Debtors' plan of reorganization for July 12, 2010, ensuring that the Company's fast track restructuring remains on course.

The Bankruptcy Court also issued a variety of orders on either a final or interim basis that will ensure that the Company continues to operate uninterrupted throughout the reorganization process.  The first day motions granted by the Bankruptcy Court ensure that the filing will not impact the Company's day-to-day operations.

"We appreciate and are pleased with the Bankruptcy Court's prompt approval of our first day motions," said Graham Hood, the Company's Chief Executive Officer.  The approvals will help to ensure that the Company will be able to maintain regular operations and satisfy its employee obligations, while meeting its obligations to its suppliers and serving its customers as it works to realign its capital structure and maximize stakeholder value as expeditiously as possible.

The Company's bankruptcy case number is 10-12610 (SCC).  More information about the Company's reorganization is available at the Company's restructuring website:  www.kccllc.net/neff.

About Neff Rental, Inc.

Neff Rental provides construction companies, golf course developers, industrial plants, the oil industry, and governments with reliable and quality equipment that is delivered on time where it is needed. With more than 1,000 employees operating from branches coast to coast, Neff Rental is ranked by Rental Equipment Register (RER) magazine as one of the nation's 10 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