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Allied Van Lines Seeks Bankruptcy Protection
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. Sirva, Inc. stock is currently trading at $0.09 per share, down from $0.11 per share. |
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. |
Originally Posted by BanditsCousin
He hauls special products for Berger Allied.
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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? ;)
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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? ;)
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"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: |
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
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.
Way to dodge my question about hhg drivers in general or just Allied
Originally Posted by BanditsCousin
Do you mean all drivers doing hhg, or just Allied drivers? 8)
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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 :)
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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 :)
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Originally Posted by 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? 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 :) |
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