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JBJD

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JBJD

Re: None

Thursday, 05/08/2008 10:35:12 AM

Thursday, May 08, 2008 10:35:12 AM

Post# of 302221
SIRV NEws

Court OK's Chapter 11 Plan Of Sirva
Thursday 05/08/2008 9:42 AM ET - Investrend


As of 10:34 AM ET 5/8/08
May 8, 2008 (FinancialWire) Relocation services provider Sirva, Inc. (OTC: SIRV) said that Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York has approved the company's pre-packaged Chapter 11 plan of reorganization.

The company said that the approval clears the way for Sirva and its subsidiaries "to emerge from Chapter 11 in short order."

Company CEO Robert W. Tieken said that Sirva's financial restructuring, which covers the firm and all of its subsidiaries, including Allied and northAmerican, has provided the company with "a significantly stronger financial foundation."

On February 5, Sirva and most of its domestic subsidiaries filed voluntary Chapter 11 petitions. The court's confirmation of the plan, which the company said had already received support from its secured lenders, allows Sirva to implement its restructuring and recapitalization. Specifically, the plan reduces Sirva's outstanding bank debt by around $200 million and annual cash interest expense by around $40 million.

At the time of the Chapter 11 filing, Sirva entered into a $150 million debtor-in-possession financing facility with members of its pre-petition lender group. Upon emergence, the DIP financing facility will convert into a $215 million senior secured credit facility to fund ongoing operations and borrowings.

Once its plan becomes effective, Sirva will become a private company, and its stock will no longer be publicly traded.

Chicago-based Sirva is a provider of relocation services to a customer base around the world. The company handles home purchase and home sale services, household goods moving, mortgage services and home closing and settlement services.

Sirva's brands include Allied, Allied International, Allied Special Products, DJK Residential, Global, northAmerican, northAmerican International, Sirva Mortgage, Sirva Relocation and Sirva Settlement.

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

http://www.financialwire.net
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