Construction equipment supplier Neff Rental Inc. and its affiliates have filed for Chapter 11 bankruptcy protection to wipe more than $400 million in debt from its balance sheet. The Miami-based firm filed in U.S. Bankruptcy Court in the Southern District of New York on May 16, listing assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The court already has approved a $175-million debtor-in-possession financing plan. Rental Equipment Register ranked Neff last year as the 13th largest rental firm in North America, with sales of $225 million.
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.