Tag:
Realogy
Latest Headlines
Latest Headlines
Bright future for private equity?
The carnage in the private equity industry during the credit crunch has been front-page news. From Cerberus' fiasco-like attempt to turn around Chrysler and GMAC to TPG's disastrous investment in Washington Mutual to Apollo's several troubled portfolio companies, Realogy and Harrah's among others.
Carl Icahn loses by winning
We've noted that Carl Icahn--who is none too pleased with how his Realogy PIK toggle bonds were being treated--sued to stop Realogy, controlled by Apollo, from issuing more bonds that would be more secure, but worth far less.
The New York Times reports that Icahn won his suit. But it also
Will Icahn sue Apollo?
Apollo Management's timing on its Realogy deal couldn't have been worse. It bought the operator of franchised real estate businesses, such as Century 21 and Coldwell Banker, for $7 billion just before the real estate bubble burst. We've noted before that it has an interesting strategy for dealing
Fancy footwork from more private equity funds
We noted recently that private equity firm Apollo has been among the most active beneficiaries of PIK toggle features in bond issues. Which basically allow portfolio companies to pay interest with more debt. The Financial Times reports that Apollo is also benefiting from so-called "accordi
