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 growing need to collect, store and analyze the huge volumes of data collected from infrastructure project stakeholders is generating a new growth area for construction-sector firms, IT vendors and professionals.