Ahern Creditors Can Submit Competing Reorganization Plans

Las Vegas-based Ahern Rentals Inc. lost control of its attempt to escape Chapter 11 bankruptcy as a judge opened the door for outsiders to submit reorganization plans.

During a hearing in Reno, U.S. Bankruptcy Court Judge Bruce Beesley ended the legal protection known as exclusivity, during which only the bankrupt company can propose a plan. Ahern has enjoyed exclusivity since it filed its Chapter 11 last December, but Beesley said he saw no progress in resolving flashpoints between the company and its creditors.

For more about Ahern's reorganization plan judgment...