Sirva files for bankruptcy
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Sirva Inc., a provider of moving services and parent of Allied Van Lines, filed for bankruptcy protection after struggling with too much debt in the U.S. housing downturn.
The Westmont, Ill.-based company and nearly 60 affiliates filed for protection in U.S. Bankruptcy Court in Manhattan. Sirva has $924.5 million of assets, $1.23 billion of debt and more than 100,000 creditors, according to the filing. It said the bankruptcy covered only its U.S. operations.
Sirva expects to stay in business while it restructures, and emerge from bankruptcy within 60 to 90 days.
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