Ahern Rentals' second amended reorganization plan was approved by the U.S. Bankruptcy Court. The plan will help the company emerge from Chapter 11 bankruptcy, which it filed Dec. 22, 2011.
Since filing, Ahern Rentals has continued business operations and improved its financial condition while addressing the maturity of its term loan and second lien notes. The second lien noteholders agreed to the plan and will receive all of their allowed claims.
Don Ahern and John Paul Ahern, Jr., the company’s owners, will retain all of their capital stock after reorganization.