Realogy reports $1.9B loss

Realogy Corp., parent company of the
Corcoran Group, reported a $1.9 billion loss for 2008, but the company
said it will receive financial assistance from private equity firm
Apollo Management LP. The company’s CEO Richard Smith said the
write-downs were related to the difference in the price paid by Apollo
to acquire Realogy in 2007 and the current value of the company’s
assets. The Real Deal’s February issue looked at how Realogy’s
financial troubles are affecting Corcoran
.

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