In the bankruptcy case of Ahern Rentals, a group of junior lenders have now presented their own plan for reorganization of the company’s $379.2 million of debt. The plan calls for the investment group made up of six investment funds to jointly take over ownership of the rental company in lieu of their $267.7 million share of the debt. The group then would repay all other debt holders. If Don Ahern, who currently owns 97 percent of the rental company, and his brother, John Paul Ahern Jr., who owns the remaining 3 percent, do not fight against the proposal, they would receive warrants that could eventually be converted into shares of the company.

The bankruptcy court will hold a hearing March 9 regarding the proposal as well as Ahern’s previously announced proposal in which the rental company would pay back its debts with more generous terms than originally agreed upon while not giving up any equity in the company. The court could approve either plan, neither plan or both plans, and let the parties vote for whichever plan they like.