Neff Creditors Attack Ch. 11 Plan

Law360, New York (September 7, 2010, 1:51 PM EDT) -- Neff Corp.’s unsecured creditors have savaged the construction rental company’s Chapter 11 plan for granting blanket releases to the parties responsible for a ruinous leveraged buyout in 2007 and ignoring hundreds of millions of dollars in claims over the deal that pitched the company toward bankruptcy.

On Friday, Neff’s official committee of unsecured creditors, consisting chiefly of noninstitutional noteholders, urged Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York to scrap the debtor’s amended reorganization plan in light of...
To view the full article, register now.