Neff Wins $175M DIP Loan Despite Creditor Objections

Law360, New York (July 1, 2010, 3:51 PM EDT) -- Overcoming objections from its creditors, Neff Rental Inc. has won final approval of a $175 million debtor-in-possession facility and has been given the green light to proceed with its plans to pay its top officials more than $900,000 in bonuses.

Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York on Wednesday authorized the construction rental company to obtain post-petition financing on a super-priority basis and approved the financial performance awards in the company's key employee incentive plan. She added...
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