Ahern Rentals, Inc. announced yesterday that it exited its chapter 11 proceeding, according to a company press release. Ahern sought chapter 11 protection on December 22, 2011, after it was unable to extend the maturity of its revolving credit facility. Through the company’s confirmed reorganization plan, the company was successfully able to refinance its existing indebtedness and negate a competing reorganization plan from its junior creditors that had bought second lien debt at significant discounts. Ahern’s two owners, Don F. Ahern and John Paul Ahern, Jr., retained 100 percent of the capital stock in the reorganized entity, the second lien holders received par plus pre-petition interest and all other creditors received 100 percent of their allowed claims.
