Dear HHG (and Related Industries) Professionals:
In our continuing effort to publish a "Newsletter Of Record" for the Moving and Storage Industry, we felt that the following press release merited distribution.
While the complete details behind the following announcement are yet be revealed (as they will in an upcoming Movers Search Group Newsletter), it is important for those of you working in and with the industry to be kept apprised of the latest developments. Therefore, below is yesterday's News Release from our good friends at BEKINS VAN LINES:
Bekins Approves Recapitalization Plan
February 5, 2009 - Hillside, Ill - Bekins Van Lines, one of the largest and best known brands in the moving and relocation industry, is pleased to announce that its Board of Directors has unanimously approved a plan to recapitalize the company. This will strengthen Bekins by reducing debt while providing the additional capital to continue to grow the company.
George Gilbert, Chairman of Bekins, and Mike Petersen, President of the company, are encouraged by the unanimous support of the plan by the board and other key agents. As part of the plan, all current shareholders will retain an equity interest in the company and Bekins remains "Agent Owned". George Gilbert stated, "Agent ownership allows the Van Line to continue to be flexible and responsive to our customers and encourages innovation, the key driver of growth". Michael Petersen added, "This additional equity will infuse capital that will revitalize the company and ensure long-term sustainability in a difficult global marketplace. Bekins Van Lines has been in business for over 118 years and this plan starts a new chapter in the long and proud history of the company."
A shareholder meeting is being scheduled to unveil all the details of the recapitalization plan within the next month.
About Bekins Holding Corp.
Bekins Holding Corp. is the parent company of Bekins Van Lines. Bekins Van Lines divisions include Bekins International Group and Bekins Tradeshow Services. The company has been providing quality household goods relocation services and high value products transportation services domestically and internationally for corporate accounts and private relocation customers since 1891. More information about Bekins can be found on the company's website at www.bekins.com.
(Again, for the who, what, when, where and why of the story behind this story, watch your email in box in the coming weeks!) |
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