SIRVA Reaches Restructuring Agreement with its Lenders
Tuesday, February 5th, 2008Files 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.