NationsRent Reorganization OK’d by Bankruptcy Judge

Wed May 14, 2003 - National Edition

NationsRent Inc., which rents construction equipment, on Wednesday said a bankruptcy court judge approved its reorganization plan, clearing the way for it to get out of Chapter 11.

The Fort Lauderdale, FL-based company said it obtained a commitment for $150 million in financing and $80 million in new capital.

It said Baupost Group and Phoenix Rental Partners will control more than two-thirds of the voting common stock of the reorganized company.

Upon emerging from bankruptcy, existing common stock will be canceled and current shareholders will not receive any distribution, the company said in a statement.