[Rev.Vassago]

Allied Van Lines Seeks Bankruptcy Protection

Moving company Allied Van Lines Inc., along with corporate parent Sirva Inc., filed Tuesday for bankruptcy protection, a victim of its heavy debt load and the downturn in the U.S. housing industry.

The company, which listed assets of $924 million and debts of $1.2 billion, sought Chapter 11 protection in U.S. Bankruptcy Court in Manhattan after reaching a deal with its lenders to cut its debt by about $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% stake in the reorganized company. The lenders have already voted in favor of the proposed restructuring plan, clearing the way for a quick stay in bankruptcy. Sirva expects to exit Chapter 11 in two to three months.

Sirva, based in Westmont, Ill., 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 J.P. Morgan Chase & Co., will receive an additional 25% stake in the reorganized company.

The company's trade creditors and customers will be paid in full in cash, but general unsecured creditors will recover nothing. Existing shares in the company will be canceled.

I almost feel sorry for those who are in HHG, or are running for companies affiliated with them.

Sirva, Inc. stock is currently trading at $0.09 per share, down from $0.11 per share.

[BanditsCousin]

Better tell Dad to jump ship He hauls special products for Berger Allied. However, Berger keeps Allied afloat and does their own thing. At least he didn't get rid of his 6 car trailer yet

Do you mean all drivers doing hhg, or just Allied drivers? 8)

I saw this writing on the wall when Allied aproved a 74% discount prior to the busy season. They (Sirva) have been bought and re-sold by investment firms more times than Teal has changed carriers/agents in the past 10 years lol.

[Rev.Vassago]

Originally Posted by BanditsCousin

He hauls special products for Berger Allied.

2 months ago, your dad was supposedly hauling cars for FedEx Custom Critical (Passport Transport)...... :?

[Teal 95 KW]

maybe he's keeping the "mystery" going by not sharing what exactly it is that's going on....seems to work well with you, right?

[Rev.Vassago]

Originally Posted by Teal 95 KW

maybe he's keeping the "mystery" going by not sharing what exactly it is that's going on....seems to work well with you, right?

Indeed.

[BanditsCousin]

"Suposedly" lol. No, I don't have time to make up stories and mislead people because I'm bored and kicked off Trukz :lol:

He went to work at FedEx/Passport for about 2 months and bought his own trailer. Decided it wasn't fo him and went back to Allied (for the 2nd or 3rd time in 32 years?)Berger's speccom division called "Logix". They refer to it as the retirement center lol 8)

Dunno why this is posted in o/o forums. Seems "what about this trucking company" or "anythin truck driver related" would be a more popular venue.

Way to dodge my question about hhg drivers in general or just Allied :lol:

[Rev.Vassago]

Originally Posted by BanditsCousin

No, I don't have time to make up stories and mislead people because I'm bored and kicked off Trukz

I don't recall misleading you. In fact, I don't recall discussing my personal situation with you at all. Could you refresh my memory about when exactly we had this supposed conversation where I misled you?

Originally Posted by BanditsCousin

Dunno why this is posted in o/o forums. Seems "what about this trucking company" or "anythin truck driver related" would be a more popular venue.

Because HHG carriers are, for the most part, 100% O/O.

Way to dodge my question about hhg drivers in general or just Allied

Didn't dodge anything.

Originally Posted by BanditsCousin

Do you mean all drivers doing hhg, or just Allied drivers? 8)

All HHG drivers.

[BanditsCousin]

Where's the post where you said "you're catching on" as I asked if you worked for Graebel. Also, see post where you said nobody knows your personal situation outside your immediate family? I don't dig up posts and quote them when I know they're there. It all started when i said you're the last HHG driver here. You denied that, and left it at that. For all we know you are/aren't a hhg driver anymore, and we respect that. In about 12 hrs I'll be bobtailing home

[BanditsCousin]

BTW- I'd say 75% of HHG drivers are o/o. new World van Lines, the agent for Allied I drove for, Covan, the Atlas agent I worked at in college,etc. I could ask you to prove your data/statistic, but its not a big deal. I almsot have your sympathies for doing hhg

[Rev.Vassago]

Originally Posted by BanditsCousin

Where's the post where you said "you're catching on" as I asked if you worked for Graebel.

Something along those lines. I believe it was more to do with the fact that I didn't want to discuss it.

Also, see post where you said nobody knows your personal situation outside your immediate family?

Pretty much. I like it that way. I'm sure eventually someone will see my truck out on the road and put two and two together.

It all started when i said you're the last HHG driver here. You denied that, and left it at that.

Actually, I didn't deny it. I didn't confirm it either.

For all we know you are/aren't a hhg driver anymore, and we respect that.

That's the best part - you don't need to respect it, because when push comes to shove, it doesn't matter. :wink:

In about 12 hrs I'll be bobtailing home

Fun times.