NationsRent files exhibits for consensual plan, names new directors

News AED March 25, 2003
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NationsRent Inc

NationsRent Inc. announced that it has filed exhibits for its consensual plan of reorganization. These exhibits provide additional details about the plan, including the slate of initial directors of the reorganized company.

Among the new directors is Jeff Putman, who will serve as the chief executive officer. Putman is an investment partner of Phoenix Rental Partners LLC and an industry veteran of 28 years.

Phoenix Rental Partners LLC was formed in 2001 for the specific purpose of acquiring debt securities of NationsRent in the secondary markets. In 2002, Phoenix formed an investment alliance with the Baupost Group LLC to leverage the combined talents and capital of each organization as it relates to distressed investment opportunities in the construction equipment rental industry.

Putman most recently served Fluor Corp. for 26 years in a number of capacities, including group president for the Fluor Daniel Diversified Services Group and president and chief executive officer of American Equipment Co. from 1990 to 1997.

"Jeff is a knowledgeable, seasoned executive with a wealth of experience. His familiarity with the industry will be a genuine advantage for NationsRent as it emerges from chapter 11," said D. Clark Ogle, the company's current chief executive officer.

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