Posted on 02/05/2008 3:10:20 PM PST by Brian S. Fitzgerald
WASHINGTON -
Moving company Allied Van Lines Inc., along with its corporate parent Sirva Inc., filed for bankruptcy protection Tuesday, the latest victim of a heavy debt load and the downturn in the U.S. housing industry.
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.
Sirva filed for Chapter 11 protection in U.S. Bankruptcy Court in Manhattan after reaching a deal with its lenders to cut its debt by some $200 million.
Under the company's "prepackaged" bankruptcy plan, Sirva's 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.
(Excerpt) Read more at forbes.com ...
Volunteer pickup caravans are taking a greater share of the business.
Imagine that. I’ll bet Allied would be saved if someone would come to FL and buy all our houses. We’re trying to get out of here!! I promise to call Allied if you buy mine...
welcome to FR. :)
So who is going to take care of all the outflow from Michigan, and Massachusetts?
That’s OK, we have lots of cheap Mexican trucks to take on the load...
They are an agent for Allied.
I hope this doesn't negatively impact them.
When I was younger I could get a bunch of friends to help me haul all the stuff so all I needed was a UHAUL.
But those days ... and my knees ... and my back ... are long gone!
I don’t have time or energy right now to go into all of the times I have been screwed by moving companies.
All I’ll say is that Allied was the worst and if it weren’t my company paying for the move I’d still be in court with the cheaters.
The last time I moved I loaded my own “PODS” and the transportation company then picked them up - stored them - then delivered when I got a new place to live. No hassle as compared to “professional movers” who don’t really care about consumers anymore.
You beat me to it.
Their equipment has looked like hell for the past 10+ years. I can’t believe this is their first time filing.
the latest victim of a heavy debt load and the downturn in the U.S. housing industry.according to the chart the downturn started in may-06
http://bp3.blogger.com/_pMscxxELHEg/R6NGC2Q3QKI/AAAAAAAABj8/bJLjeABNEm4/s1600-h/ConstructionSpendingDec07.jpg
http://bp3.blogger.com/_pMscxxELHEg/R6NGC2Q3QKI/AAAAAAAABj8/bJLjeABNEm4/s1600-h/ConstructionSpendingDec07.jpg
Bullish. What recession? The economy is booming...
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