Ahern Rentals gets more time in its push to reorganize
Ahern Rentals Inc. has gained time as it tries to fend off outsiders who might bid for the company in Chapter 11 proceedings.
On Friday, U.S. District Judge Larry Hicks in Reno stayed a previous bankruptcy ruling that ended Ahern's exclusivity, a shield that permits only the company to file a reorganization plan. After finding little progress had been made in the case and that Ahern's first attempt at a plan fell well short of legal standards, U.S. Bankruptcy Court Judge Bruce Beesley ended exclusivity on Dec. 7.
The company believes its plan provides full repayment of creditors, allowing Don Ahern to hang onto his 97 percent ownership stake. Lenders contend the plan offers them far less than 100 cents on the dollar, so they should be entitled to a least partial ownership of the company.
No date has been set for Hicks to hear the issue.
Contact reporter Tim O'Reiley at
toreiley@reviewjournal.com or 702-387-5290.
