Realogy gets $515M shot in the arm
September 30, 2009 04:00PM
Private equity investor Carl Icahn
Realogy, parent company to Corcoran Group, Citi Habitats and Century 21, looked close to bankruptcy last week but has been given new life, thanks to the $515 million it raised in new loans. Billionaire Carl Icahn, a private equity investor, provided around 30 percent of those loans, more than half of which are being used to reduce the company's senior debt. Still, Realogy has many financial demons to face -- the company has cut its overall debt by just $70 million, leaving it $6.3 billion in the hole. [Post]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance or advertisements. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
Not to shocking to anyone who has worked for these companies. I worked for Coldwell Banker and it was grossly top heavy with no leadership at any level. No surprize..
Comment #1 Posted By: Anonymous 09/30/09
Anonymous
Pretty much the same at Corcoran.
Comment #2 Posted By: Anonymous 09/30/09
Anonymous
If someone can explain the math behind this one I would really appreciate it.
Comment #3 Posted By: Anonymous 09/30/09
Anonymous
I remember when Carl Icann got involved with a company I worked for. It filed BK shortly afterwards, and is history. Not sure what the deal is here, or what the deal with THAT one was- would love to know.
Comment #4 Posted By: Anonymous 09/30/09
Anonymous
Oh..this is going to be fun to watch and see what happens.
Comment #5 Posted By: Anonymous 09/30/09
Anonymous
first yahoo, now this? poor carl
Comment #6 Posted By: Anonymous 10/01/09
Anonymous
maybe realogy can turn it around
Comment #7 Posted By: Anonymous 10/01/09
Anonymous
Yup, Carl to the rescue! He looks for dying companies with shoddy management teams, and keeps them afloat. WHY? Maybe a few co-dependents annonymous meetings would cure Carl of his compulsion to rescue these lost-causes. Give that money to those poor souls in Samoa, who don't deserve to die. These greed-gutted companies don't deserve to be bailed out - Just let 'em die!
Comment #8 Posted By: Anonymous 10/01/09
Anonymous
I would expect to see some office closures. Citi-Habitats' overhead is huge--it's essentially a training mill with too many offices around the city.
Comment #9 Posted By: Anonymous 10/01/09
Anonymous
Human beings are not intelligent enough to know the tre power of wealth. Carl is no exception. Certainly not te Corcoran team. One act of nature can wipe out a nation i.e Tsunamis, Earthquakes...wealth (material weath) cannot compete. NRT/Realogy is on its way out. This is just a very temporary fix. Unless the economic tsunami goes away which from what I can see is not soon...this too shall pass.
Comment #10 Posted By: Anonymous 10/02/09
Tom Cryer
With every business cycle some entity tries to successfully consolidate service companies. What makes the service companies worth acquiring in the first places slowly leaves either physically or mentally, and then it all comes crashing in. I'll never get it, but then again, I don't have to NRT does.
Comment #11 Posted By: Tom Cryer 10/05/09