Real Estate Central

Company to file revised Plan of Reorganization

CHICAGO, April 30 /PRNewswire-FirstCall/ — SIRVA, Inc. (SIRV.PK), a
global relocation services provider, announced it reached an agreement with
the Official Committee of Unsecured Creditors that will resolve the
Committee’s objections to the Company’s proposed Plan of Reorganization.
The agreement is supported by representatives for all major creditor groups
and includes all individual members of the Committee.

Under the agreement, all allowed claims of Class 5 creditors will
receive a distribution of 25%. A separate class for certain putative
antitrust class action claims will be established. Members of that class
would receive a pro rata share of $5 million, consisting of $3 million in
cash and

million in a second lien note. The specific terms are set forth
in a modified Plan of Reorganization. The settlement will be funded by the
Company’s secured lenders. All other terms of the Company’s reorganization
plan will remain the same, including providing payment in full to all
members of Class 4, which includes ongoing business partners.

The Plan of Reorganization will be filed with the court today. Judge
James M. Peck of the U.S. Bankruptcy Court for the Southern District of New
York will hold a Confirmation Hearing on the revised Plan following a brief
solicitation of Class 1 creditors to be completed early next week. A
favorable ruling at the Confirmation Hearing will mark the last major
milestone in SIRVA’s Chapter 11 case, paving the way for SIRVA’s emergence
from Chapter 11.

About SIRVA, Inc.

SIRVA, Inc. is a leading provider of relocation solutions to a well-
established and diverse customer base around the world. The Company handles
all aspects of relocation, including home purchase and home sale services,
household goods moving, mortgage services and home closing and settlement
services. SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with individual
consumers. SIRVA’s well-recognized brands include Allied, Allied
International, Allied Special Products, DJK Residential, Global,
northAmerican, northAmerican International, SIRVA Mortgage, SIRVA
Relocation and SIRVA Settlement. More information about SIRVA can be found
on the Company’s Web site at http://www.sirva.com.

Forward-Looking Statements

This release includes forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not historical, but are made based on management’s current
expectations and beliefs concerning future developments and their potential
effects upon SIRVA, Inc. and its subsidiaries. There can be no assurance
that future developments affecting the Company will be those anticipated by
management. These forward-looking statements are not a guarantee of future
performance and involve risks, uncertainties and other factors, including,
without limitation: (i) the ability of the Company to continue as a going
concern; (ii) the ability of the Company to obtain court approval for, and
operate subject to, the terms of the DIP financing facility; (iii) the
Company’s ability to obtain court approval with respect to motions in the
Chapter 11 proceeding prosecuted by it from time to time; (iv) the ability
of the Company to develop, prosecute, confirm and consummate one or more
plans of reorganization with respect to the Chapter 11 cases, including a
plan consistent with the terms set forth in the plan of reorganization; (v)
risks associated with a termination of the agreement and financing
availability; (vi) risks associated with third parties seeking and
obtaining court approval to terminate or shorten the exclusivity period for
the Company to propose and confirm one or more plans of reorganization, for
the appointment of a Chapter 11 trustee or to convert the cases to Chapter
7 cases; (vii) the ability of the Company to obtain and maintain normal
terms with customers, agents, and suppliers; (viii) the Company’s ability
to maintain contracts and leases that are critical to its operations; and
(ix) the potential adverse impact of the Chapter 11 cases on the Company’s
liquidity or results of operations. Other factors that could cause actual
results to differ materially from these forward-looking statements include
risks described under the caption “Risk Factors” and elsewhere in the
Company’s 2007 Annual Report on Form 10-K. The Company does not intend, and
is under no obligation, to update any particular forward-looking statement
included in this release.



Investor Contact

Doug Gathany
SVP-Treasurer &
Investor Relations
630.468.4715

Media Contacts

United States

Jennifer Lowney
Christina Stenson
Brunswick Group
212.333.3810

Europe

Jonathan Glass
Brunswick Group
44.20.7404.5959


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Source: Real Estate Newswire