31.01.2012

Ahern credit lines approved

Ahern Rentals has confirmed that the United States Bankruptcy Court for the District of Nevada has approved its final Debtor-in-Possession financing with approximately $66 million of availability.

The court has also approved a series of other motions to ensure that the Company will not have any interruption in maintaining and honouring its commitments to its current customers, vendors and employees during the Chapter 11 reorganisation process.

The Company filed for Chapter 11 in late December because it was unable to extend the maturity of its revolving credit line, which matured in August.

Chief executive Don Ahern said: "We anticipate there being no interruption to our operations. With our this Facility, we will have sufficient liquidity to meet our commitments to our customers, vendors and employees. We have been experiencing a significant improvement in our business, with a substantial increase in our utilisation levels and improved margins. The Company provides a valuable service for its customers and we do not expect the bankruptcy filing to affect our ability to continue to offer customers highly reliable and quality equipment and service. As to our customers, vendors and employees it is business as usual."
Click here to see Ahern files Chapter 11