Ahern Rentals Inc. says that it is ready to start searching for lenders to provide the $350 million in new financing it needs to pay down its debt and take it out of chapter 11 protection, Dow Jones Daily Bankruptcy Review reported today. The construction-equipment-rental company on Monday filed papers requesting bankruptcy court approval to hire Bank of America and its Merrill Lynch unit to put together the bankruptcy exit loan and line up lenders to participate in the financing. Bank of America would act as agent for the $350 million senior secured asset-based revolving credit facility, while its Merrill Lynch unit would serve as lead arranger and bookrunner.
