-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 A3VfuNcb2AjNJMKHRCOed5Ryn9LKFbpN+bUQHq9qdtdjxgJLQbwSgvHgfAhPdaTi
 JkalkJom2qLkXV0bB+OB+A==

<SEC-DOCUMENT>0001179110-04-006400.txt : 20040319
<SEC-HEADER>0001179110-04-006400.hdr.sgml : 20040319
<ACCEPTANCE-DATETIME>20040319194750
ACCESSION NUMBER:		0001179110-04-006400
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040211
FILED AS OF DATE:		20040319

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NES RENTALS HOLDINGS INC
		CENTRAL INDEX KEY:			0001280191
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				200664255
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	MAIL ADDRESS:	
		STREET 1:		8770 W BRYN MAWR
		STREET 2:		4TH FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60631

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OAKTREE CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0000949509
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50591
		FILM NUMBER:		04681090

	BUSINESS ADDRESS:	
		STREET 1:		333 S GRAND AVENUE 28TH FL
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		2138306300

	MAIL ADDRESS:	
		STREET 2:		333 S GRAND AVE 28TH FL
		CITY:			LOS ANGLES
		STATE:			CA
		ZIP:			90071
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-02-11</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001280191</issuerCik>
        <issuerName>NES RENTALS HOLDINGS INC</issuerName>
        <issuerTradingSymbol>NLEQ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000949509</rptOwnerCik>
            <rptOwnerName>OAKTREE CAPITAL MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>333 SOUTH GRAND AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>28TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90071</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3674698</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The OCM Funds and Accounts (as defined below) acquired 3,674,698 shares of common  stock of the Issuer in connection with the reorganization of the Issuer under Chapter 11 of the United States Bankruptcy Code and pursuant to the Issuer's Plan of Reorganization, which plan was confirmed by the United States Bankruptcy Court for the District of Delaware pursuant to an order entered into on January 23, 2004.  The OCM Funds and Accounts received such shares on the account of certain claims held by the OCM Funds and Accounts against the Issuer.  On March 18, 2004 it came to the attention of the reporting person that subsequent to the Issuer's emergence from bankruptcy, the common stock of the Issuer has continued to be publicly traded and that the Issuer has continued to file reports under the Securities Exchange Act of 1934, as amended.</footnote>
        <footnote id="F2">The reporting person is a registered investment adviser under the Investment Advisers Act of 1940, as amended, acting as (i) the general partner of the OCM High Yield Limited Partnership, which owns 161,854 shares of the common stock of the Issuer, (ii) the general partner of OCM High Yield Fund II, L.P., which owns 449,370 shares of common stock of the Issuer, (iii) the investment manager of OCM High Yield Trust, a subtrust of the OCM Group Trust, which owns 152,805 shares of the common stock of the Issuer  and (iv) various third party separate accounts (the &quot;Separate Accounts&quot;), which collectively own 2,910,669 shares of common stock of the Issuer (none of the Separate Accounts individually own in excess of 10% of the outstanding shares of the common stock of the Issuer).</footnote>
        <footnote id="F3">Except to the extent of its pecuniary interests therein, the reporting person disclaims beneficial ownership of these securities and the filing of this Form 3 shall not be construed as an admission that such person is the beneficial owner of any securities covered by this Form 3.</footnote>
        <footnote id="F4">The reporting person is a limited liability company, the members of which are Howard S. Marks, Bruce A. Karsh, Sheldon M. Stone, D. Richard Masson, Larry W. Keele, Stephen A. Kaplan, Russel S. Bernard, Kevin Clayton, David Kirchheimer, John Moon, John B. Frank, OCM Equity Participation Plan, L.P. and OCM Equity Participation Plan II, L.L.C.  Each of such persons may be deemed a beneficial owner of the securities listed herein by virtue of such status as members of the reporting person.  Except to the extent of their respective pecuniary interests therein, each such person disclaims beneficial ownership of the shares listed herein and the filing of this Form 3 shall not be construed as an admission that such person is the beneficial owner of any securities covered by this Form 3.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Oaktree Capital Management, LLC</signatureName>
        <signatureDate>2004-03-19</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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