Neff's Ch. 11 Filing Calls For Eliminating $400M In Debt

Law360, New York (May 17, 2010, 7:00 PM EDT) -- Equipment rental company Neff Rental Inc. has commenced a prearranged Chapter 11 reorganization that it said would deleverage its balance sheet and eliminate more than $400 million of debt.

Neff Rental and five affiliates filed a bankruptcy petition Sunday in the U.S. Bankruptcy Court for the Southern District of New York, and lodged a disclosure statement and reorganization plan the following day.

Having obtained full commitments from its existing revolving lenders to provide a $175 million debtor-in-possession facility, the company said it expected to complete its...
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