Ahern Bankruptcy Restructuring Deadline Extended

Ahern Rentals Inc. has received a deadline extension on its Chapter 11 reorganization, which was filed in late December, to restructure more than $600 million in debt. The company now has until Aug. 20 to propose a reorganization plan to exit bankruptcy.

 

Bloomberg BusinessWeek reported in March that Platinum Equity LLC, Los Angeles, Calif., may be poised to take over Las Vegas-headquartered Ahern Rentals if the company doesn’t file the court-ordered reorganization plan by the April deadline.

 

BusinessWeek quoted two unnamed investors as saying that Platinum will likely use its stake in the debt to take over. Platinum already runs equipment renter Maxim Crane Works LP, Pittsburgh, Pa., which it bought in 2008. It holds more than $119 million of Ahern’s $237 million in second-lien note debt via affiliate Sphere Capital LLC, Ahern bankruptcy court records say.