Bankrupt Event-Rental Firm's Lenders Float $124M Credit Bid

Law360, Wilmington (February 18, 2014, 8:12 PM EST) -- A group of bankrupt Event Rentals Inc.'s senior lenders led by Cerberus Capital Management LP affiliate Ableco Finance LLC has lodged a $124 million stalking-horse credit bid for the debtor, which has provided services for big-ticket events like the Super Bowl and Academy Awards, the company said Tuesday.

In a motion before the Delaware bankruptcy court, Event Rentals stated that the proposed stalking horse deal contemplates a credit bid of a portion of the lenders' pre-petition secured credit agreement, which has $175 million in principal outstanding,...
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