Tuff Times

Old 05-19-2010, 12:34 PM
  #1  
TheRabbit
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The company I use to work for filled Chapter 11 this week. I still have a bunch of good friends that work there. I worked there for over 7 years and new most everyone all the way up to the CEO. I made a really good living as a Branch Mgr/ Sales Mgr until the economy tanked. I hated to leave, but saw the writting on the wall and changed jobs about 18 months ago.

Neff Rental is (was) ranked in the top 10 largest equipment rental companies in the US.

(Reuters) - U.S. equipment rental company Neff Rental Inc filed for a prearranged Chapter 11 bankruptcy protection late Sunday in order to shrink its balance sheet and eliminate more than $400 million of debt.
Neff Rental has listed estimated assets in the range of $100-$500 million and has listed estimated liabilities of $500 million to $1 billion, court documents showed.

The company has obtained full commitments from its existing revolving lenders to provide a $175 million debtor-in-possession and exit financing, it said in a statement.

Neff Rental, whose customers include John Deere, Komatsu Ltd and Ingersoll-Rand plc (IR), said it secured support from key stakeholders including its largest first lien term loan lenders.

The restructuring plan is backed by certain funds managed by Wayzata Investment Partners and Apollo Capital Management (APOLO), the company said.

I hope the best for all my former co-workers!!!!!!!
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Old 05-19-2010, 11:39 PM
  #2  
Tod74
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I've been there. The factory I wprked at for 12 years shut down in 2004. I went there right out of high school. Almost 900 people lost their jobs.
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