Files Pre-Packaged Plan of Reorganization -Secures $150 Million DIP Financing Facility, to Convert to $215 Million Senior Secured Exit Facility
Expects Normal Operations to Continue
Only U.S. Operations are Part of Filing
CHICAGO, February 5, 2008 — SIRVA, Inc. (SIRV.PK), a global
relocation services provider, today announced that it reached an
agreement with its lenders to restructure its senior secured debt
through a voluntary, pre-packaged Chapter 11 reorganization, which
will allow it to finalize the restructuring of its debt while continuing to
operate its business and serve its customers. SIRVA’s operations
outside of the U.S. are not part of the Chapter 11 filing.

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The begs some questions for the Corporate housing Industry:

1. How does Sirva’s filing affect the Corporate Housing industry as a whole?
2. If you are a current supplier of corporate housing services for Sirva.  What impact does this have on your 2008 revenues?
3. Is this the first of many challenges for the relocation industry as a whole or is this simply an isolated incident?
4. What opportunities does this create for corporate housing providers to capitalize on?
5. What are you doing to diversify your business so that Sirva’s problems don’t affect you?

I would like to invite an comments.