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Allied Van Lines — Bankrupt!
Posted by David Piotrowski
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Allied Van Lines, one of the largest moving companies in the country, has filed for bankruptcy. The company, which is based in Westmont, Ill., listed assets of $924 million and debts of $1.2 billion. The company has more than 100,000 creditors.
Under the company’s “prepackaged” bankruptcy plan, Sirva’s (Allied’s parent company) lenders will trade a portion of the debt they’re owed for a 75 percent stake in the reorganized company. Existing shares in the company will be canceled. |
Sirva has lined up a $150 million loan to fund its Chapter 11 case and an additional $215 million in financing for when it exits bankruptcy protection. Under the deal, the company’s bankruptcy lenders, led by JPMorgan Chase Bank, will receive an additional 25 percent stake in the reorganized company.
The company said it intends to stay in business during its bankruptcy case and expects to exit Chapter 11 in two to three months.
For additional information, click here. It will be interesting to see the outcome and how Allied Van Lines is able to pull out of their bankruptcy.
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Update May 12, 2008: Sirva to Become a Private Company
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February 28th, 2008 at 3:57 pm
[...] Allied Van Lines — Bankrupt! [...]