Neff Rental, Inc. Receives Court Approval of Disclosure Statement and Rights Offering Backstop Commitment From Plan Sponsors

MIAMI, July 13 /PRNewswire/ -- Neff Rental, Inc. and certain of its affiliates (collectively, "Neff"), a privately owned equipment rental company, today announced that the United States Bankruptcy Court for the Southern District of New York (the "Court") has approved Neff's disclosure statement and agreement with certain creditors holding approximately 67% of the aggregate principal amount of Neff's first lien term loan, pursuant to which those creditors have agreed to backstop a new equity investment of up to $119 million to recapitalize Neff's business and provide for future capital needs. The Court's approval of Neff's disclosure statement authorizes Neff to begin soliciting votes in favor of the plan from the requisite creditor groups.

"We are pleased that Neff has reached another important milestone in executing our balance sheet restructuring, putting our company in a stronger financial position for the future," said Graham Hood, CEO.

With these developments, Neff remains on track to complete its financial restructuring and emerge from Chapter 11.  The Court has scheduled a hearing to consider confirmation of the plan on September 14, 2010.

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