Billionaire Gores Angles for Ahern Rentals: Corporate Finance
This article is for subscribers only.
Don Ahern, who built Ahern Rentals Inc. from mom-and-pop beginnings into an equipment empire with $382 million of annual revenue, is running out of time to keep his company out of the hands of buyout billionaire Tom Gores.
Ahern has until April to present a reorganization plan after filing for bankruptcy in December. With the deadline approaching, Ahern Rentals’s $236.7 million of 9.25 percent second-lien notes are soaring as speculation mounts that Gores’s Platinum Equity LLC, which already runs equipment renter Maxim Crane Works LP, will use its stake in the debt to take over, according to two investors in the securities, who asked not to be identified because the negotiations are confidential.