Alvarez & Marsal

When AMERCO, the parent of U-Haul International, emerged from bankruptcy in March
2004, it secured a rare place in history, exiting Chapter 11 with zero dilution in shareholder
value. Retained as financial advisors, Alvarez & Marsal executed one of the most successful
restructurings on record by developing and implementing a complex, consensual plan that
required significant negotiations with a diverse group of debt and equity holders. Through
a detailed analysis of AMERCO’s financial picture – which included off-balance sheet
entities and multiple financial restatements – Alvarez & Marsal identified hidden value in
the company and then articulated that value to the capital markets. The reorganization
provided for the restructuring of over $1.2 billion in debt obligations and allowed AMERCO
to obtain over $600 million in new financing and issue over $500 million in new publicly
traded notes. At the end of the process, the company’s common equity value had increased
by over 600%, or over $400 million. In addition, nearly $300 million in value was restored
to preferred stock and unsecured debt holders.