SIRVA Receives Approval for $150 Million DIP Financing

CHICAGO, Mar. 05 /PRNewswire/ --

CHICAGO, March 5 /PRNewswire-FirstCall/ -- SIRVA, Inc. (SIRV.PK), a global relocation services provider, today announced that the United States Bankruptcy Court for the Southern District of New York entered a final order approving the Company's $150 million debtor-in-possession ("DIP") financing. The DIP financing will convert into a $215 million senior secured credit facility upon the Company's emergence, $130 million of which will be available for revolver borrowings and letters of credit.

The court approval of the DIP facility ensures that the Company has access to the liquidity needed for the duration of its Chapter 11 restructuring and access to the capital it requires following the completion of the case. Members of the Company's current lending group will provide the financing.

Robert W. Tieken, president and chief executive officer said, "We continue to move forward with our restructuring on an expedited basis. Approval of this loan means that SIRVA remains on track to complete the Chapter 11 process in less than 90 days."

To accommodate the needs of the various parties, including the Official Committee of Unsecured Creditors, the parties have agreed to hold the confirmation hearing on April 18, 2008. SIRVA expects to complete the Chapter 11 process within 90 days of its February 5 filing.

The Company and its domestic subsidiaries filed their voluntary Chapter 11 petitions in U.S. Bankruptcy Court for the Southern District of New York. The main case has been assigned case number 08-10375. Additional information about SIRVA's restructuring is available at the Company's website http://www.sirva.com or via the Company's restructuring information line, 1-866-668-3001. For access to Court documents and other general information about the Chapter 11 cases, please visit .

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 Pickfords, 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 2006 Annual Report on Form 10-K and 2007 third quarter Quarterly Report of Form 10-Q. 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 Senior Vice President Treasurer & Investor Relations 630.468.4715 Media Contacts United States Jennifer Lowney Christina Stenson Brunswick Group 212.333.3810 Europe Jonathan Glass Brunswick Group 44.20.7404.595