Amerco extends stand still agreement with lenders through April 30

By Sara Rosenberg

New York, March 3 - Amerco extended the current standstill agreement with its banks through April 30. During this period, Amerco will restructure it balance sheet in order to pay its banks $205 million owed under the three-year credit facility. Banks will continue to receive interest on the outstanding debt and information regarding the restructuring.

"We have a very positive and supportive relationship with our lenders. This extension permits us to continue negotiations with lenders and is a significant step in our overall strategy to return to profitability," said Joe Shoen, president and chief executive officer, in a news release.

Amerco is a Reno, Nev. holding company for U-Haul International, Inc., Amerco Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.

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