The trick is in the Schmidt decomposition - Following the theorem proof, we have two qubits, so two Hilbert spaces $H_1$ and $H_2$, both with dimension 2, with the bases defined as $\left\lbrace\left|e_0\right> = \left|0\right>_1,\, \left|e_1\right>=\left|1\right>_1 \right\rbrace$ and $\left\lbrace\left|f_0\right> = \left|0\right>_2,\, \left|f_1\right>=\left|1\right>_2 \right\rbrace$.
This defines a tensor $w = \sum_{i, j=0}^1\beta_{i, j}\left|i\right>_1\otimes\left|j\right>_2$. That is, $\beta_{00} = a, \,\beta_{01} = b, \,\beta_{10} = c$ and $\beta_{11} = d$.
We then write this as an $n\times n$ matrix $$M_w = \begin{pmatrix}\beta_{00} && \beta_{01} \\ \beta_{10} && \beta_{11}\end{pmatrix} = \begin{pmatrix}a && b \\ c && d\end{pmatrix}.$$
Now that we've got a matrix, we want to diagonalise it, so we perform a Singular Value Decomposition (SVD). That is, we want to write $M_w = UDV^\dagger$, where $D$ is a diagonal matrix (with the elements known as the 'singular values') and $U$ and $V$ and unitary $n\times n$ matrices. Or rather, to save having to do a chunk of maths, we know that the columns (also, rows) of both $U$ and $V$ each form an orthonormal basis - I'll call these $\left\lbrace\left|u_0\right>,\, \left|u_1\right>\right\rbrace$ and $\left\lbrace\left|v_0\right>,\, \left|v_1\right>\right\rbrace$.
Helpfully, the expression for the singular values of a $2\times2$ matrix is analytic: $$\sigma_{\pm} = \sqrt{\left|z_0\right|^2 + \left|z_1\right|^2 + \left|z_2\right|^2 + \left|z_3\right|^2 \pm \sqrt{\left(\left|z_0\right|^2 + \left|z_1\right|^2 + \left|z_2\right|^2 + \left|z_3\right|^2\right)^2 - \left|z_0^2 - z_1^2 - z_2^2 - z_3^2\right|^2}},$$ where
\begin{align*}z_0 &= \frac{1}{2}\left(a+d\right) \\
z_1 &= \frac{1}{2}\left(b+c\right) \\
z_2 &= \frac{i}{2}\left(b-c\right) \\
z_3 &= \frac{1}{2}\left(a-d\right).
\end{align*} This in turn gives
$$\sigma_\pm= \sqrt{\frac{1}{2}\pm\sqrt{\frac{1}{4}-\left|ad - bc\right|^2}},$$ as a result of the normalisation condition $\left|a\right|^2 + \left|b\right|^2 + \left|c\right|^2 + \left|d\right|^2 = 1$. As $\sigma_+^2 + \sigma_-^2 = 1$, I'll redefine $\sigma_+ = \sqrt{\alpha}$ and $\sigma_- = \sqrt{\left(1-\alpha\right)}$, for reasons that should become clear below.
We can now write $M_w = \sqrt\alpha\left|u_0\rangle\langle v_0\right| + \sqrt{1-\alpha}\left|u_1\rangle\langle v_1\right|$.
'Rewriting' this as a tensor (as at the beginning1) gives a state $$\left|\psi_\alpha\right> = \sqrt\alpha\left|u_0\right\rangle\otimes\left|v_0\right\rangle + \sqrt{1-\alpha}\left|u_1\right\rangle\otimes\left|v_1\right\rangle,$$ which is equivalent to what you have by defining $\left\lbrace\left|u_0\right> = \left|0\right>_u,\, \left|u_1\right>=\left|1\right>_u \right\rbrace$ and $\left\lbrace\left|v_0\right> = \left|1\right>_v,\, \left|v_1\right>=\left|0\right>_v \right\rbrace$, where $$\alpha= \frac{1}{2}+\sqrt{\frac{1}{4}-\left|ad - bc\right|^2}$$
Calculating $M_w$:
$\left|u_0\right>$ is the left column of $U$ and $\left|u_1\right>$, the right column. Similarly, for $V$, $\left|v_0\right>$ is the left column and $\left|v_1\right>$, the right. This means that I can write $$U = \begin{pmatrix}\left|u_0\right> && \left|u_1\right>\end{pmatrix}$$ and $$V^{\dagger} = \begin{pmatrix}\left<v_0\right| \\ \left<v_1\right|\end{pmatrix}$$ so that $$M_w = UDV^\dagger = \begin{pmatrix}\left|u_0\right> && \left|u_1\right>\end{pmatrix}\begin{pmatrix}\sqrt\alpha && 0 \\ 0 && \sqrt{1-\alpha}\end{pmatrix}\begin{pmatrix}\left<v_0\right| \\ \left<v_1\right|\end{pmatrix},$$ which can be simplified as $M_w = \sqrt\alpha\left|u_0\rangle\langle v_0\right| + \sqrt{1-\alpha}\left|u_1\rangle\langle v_1\right|$.
1 Even as a non-mathematician, I feel guilty just doing this