The company’s two shareholders, Don Ahern, who owns 97 percent and John Paul Ahern who owns 3 percent, would receive new warrants in satisfaction of their existing equity interests, according to the plan. Don Ahern would continue as president and CEO while Sphere Capital would have the right to appoint four of seven directors of the new board.
The plan estimates Ahern will have a reorganized value of between $515.4 million and $628.2 million, with a midpoint value of $572.3 million.
The disclosure statement says that proponents of the plan have no intent to combine the reorganized company with Maxim Crane or Nesco, which are partially owned by Platinum Equity, which also owns a portion of Ahern Rental debt.
Meanwhile, in other Ahern-related news, Lift & Access reports that Ahern Rentals has purchased 1,000 pieces of new construction equipment and plans to sell 750 machines at a live auction on Saturday, March 16.