After 18 months in bankruptcy over $620 million in debt, Don F. Ahern is breathing a heavy sigh of relief. Ahern, who is president of the country's largest private construction-equipment rental company, received approval on June 5 for a Chapter 11 bankruptcy exit plan in federal court in Reno, Nev. As part of the deal, Ahern will remain at the helm of 60-year-old Ahern Rentals Inc.
The Las Vegas-based company's plan provides 100% claim repayment with 16% monthly interest to term lenders for nearly $18 million. It also allows Ahern to avert a takeover of the family-owned business started by his father in 1953.