Sirva Emerges from Bankruptcy; Goes Private

Moving company Sirva Inc. said its reorganization plan to emerge from bankruptcy became effective Monday and that it will become a private company, effective immediately.

The plan comes as the result of an agreement Sirva reached in February with its lenders, who supported the plan, Sirva said.

Sirva had filed for Chapter 11 bankruptcy in February.

The exit financing package consists of a $215 million senior secured credit facility, which will be used to fund ongoing operations and borrowings. Effective immediately, Sirva will become a private company and its stock will no longer be publicly traded, the company said.

Sirva, the parent company of Allied Van Lines and North American Van Lines, is ranked No. 22 on the Transport Topics 100 list of U.S. and Canadian for-hire carriers.