Monday, November 07, 2005
northAmerican Parent SIRVA Seeking to Amend Credit Terms
Sirva also recently announced changes to its financial team.SIRVA, Inc. (NYSE: SIR), a global relocation services provider, announced today that it plans to hold discussions with its lenders to negotiate an amendment to certain terms of its credit facility.
Although SIRVA expects to file its 2004 Form 10-K by mid-November, it will request an extension of the deadlines for filing periodic reports such as Forms 10-K and 10-Q. SIRVA also will seek greater flexibility under the credit facility's financial covenants for the period December 31, 2004 through December 31, 2006.
Milewski had been appointed acting CFO on January 24, 2005 upon the resignation of Joan E. Ryan. Sirva stock lost 38.5% of its market value on one day in January.James J. Bresingham, presently Vice President of Business Development, has been named to the newly created position of Executive Vice President - Chief Accounting Officer, effective January 1, 2006. He will report to the CFO.
Ronald L. Milewski, presently acting Chief Financial Officer, will become Executive Vice President – Restructuring and Chief Risk Officer, effective when a new CFO joins the Company.
Andrew E. Reisman has joined the Company as Chief Compliance Counsel. He will report to Ralph Ford, Senior Vice President and General Counsel.
In September, Sirva announced that there had been a "material weakness" in its financial controls.
Sirva stock has had a 52 week high of $24.45 per share and a low of $6.34 per share. At 9:41 AM the stock had a listed price of $7.95.
