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Rental Update: RentalHQ.com gets a new look; lien law in Mississippi benefits rental equipment and more
Neff reaches Chapter 11 agreement with creditors; United Rentals expands safety training for customers; Finning sells Hewden rental business; RSC launches redesigned website; Maryland heavy equipment rental stores to get property tax relief; United Rentals extends partnership with “Extreme Makeover: Home Edition.”
RentalHQ.com gets a new look
The American Rental Association (ARA) has updated RentalHQ.com, an extensive rental resource, with a new look, added features and enhanced user experience. Not only does the homepage have a new appearance, but the site explains the many benefits of renting along with how-to tips and best practices. The goal of the revamped site is to make searching for an ARA member rental store a more streamlined and user-friendly process.
Lien law in Mississippi benefits rental equipment
As of July 1, 2010, equipment rental businesses in Mississippi will have another tool to use in collecting money owed to them through state lien laws. On March 17, Mississippi Gov. Haley Barbour signed HB 2800 into law amending sections of Mississippi’s code as it relates to lien law. By amending sections 85-7-131, 135, 181, 185 and 189 of the Mississippi Code of 1972, rental and lease equipment and suppliers are now included in statutory lien protections.
Neff reaches Chapter 11 agreement with creditors
Neff Rental, a national, privately owned construction equipment rental company, has announced that the company and certain of its affiliates have commenced a prearranged reorganization under Chapter 11 of the United States Bankruptcy Code in New York to deleverage the company's balance sheet and eliminate more than $400 million of debt. The company has filed its prearranged Chapter 11 plan and has obtained full commitments from its existing revolving lenders to provide a $175 million debtor in possession and exit financing, and has secured support from other key stakeholders, including the company’s largest first lien term loan lenders.
In addition, the court granted interim approval for the company’s $175 million debtor-in-possession financing and use of its cash resources. The company said this will allow the company to maintain regular operations and to meet its ongoing financial obligations, including employee wages, health care benefits, supplier payments and other operating expenses.