Willkie deal team honored for its role representing the majority second lien noteholder in the Ahern Rentals chapter 11 reorganization.
Willkie was recently recognized for its role in the Ahern Rentals chapter 11 reorganization at The 8th Annual M&A Advisor Turnaround Awards in the category of “Restructuring Deal of the Year (over $500M to $1B).” Willkie represented Platinum Equity, the majority second lien noteholder, in the chapter 11 filing of Ahern Rentals, Inc.
Ahern is a privately held equipment rental company based in Las Vegas, with over $600 million of secured debt that filed for chapter 11 protection in Reno, Nevada. Willkie was engaged to represent and advise Platinum in its individual capacity, and to protect its interests in the chapter 11 case where the controlling shareholder, Mr. Don Ahern, was pursuing a hotly contested cramdown reorganization plan strategy against Platinum, other second lien noteholders and the first lien term loan lenders. Platinum and other second lien noteholders, led by Willkie, who were collectively owed $267.7 million plus interest, successfully implemented a strategy that resulted in the bankruptcy judge’s refusal to extend Ahern’s exclusive right to propose a plan of reorganization. As a result, following many contentious months of activity, Ahern proposed a consensual plan that resulted in a recovery to the second lien noteholders of $267.7 million in cash, and contingent value rights to an additional $25 million payment under certain circumstances.
The M&A Advisor connects professionals in the M&A, distressed investing and related financial industries through its conferences and awards events, newsletter, and online community. The Willkie team included partners Joseph Minias, Paul Shalhoub, Cristopher Greer, Mary Warren and Sean Ewen, and associates Richard Choi and Andrew Mordkoff.