Bekins Van Lines announced that its board of directors has unanimously approved a plan to recapitalize the company in order to reduce debt while providing the additional capital to continue to grow the company.

According to Chairman George Gilbert and President Mike Peterson, all current shareholders will retain an equity interest in the company and it remains "agent owned."

"Agent ownership allows the van line to continue to be flexible and responsive to our customers and encourages innovation, the key driver of growth," Gilbert said.

Petersen added: "This additional equity will infuse capital that will revitalize the company and ensure long-term sustainability in a difficult global marketplace."

A shareholder meeting is being scheduled to unveil all the details of the recapitalization plan within the next month.