Thank you for sharing!

Your article was successfully shared with the contacts you provided.

When a company’s bond prices plummet to single-digit cents on the dollar in the secondary market, it tends to indicate a bankruptcy is imminent. In early 2009, residential real estate brokerage leader Realogy Corp.’s bond prices would have led many investors to that conclusion, a situation compounded by the fact that residential real estate—Realogy’s bread and butter—was falling off a cliff. Two years later, however, the company, which had $4.1 billion in 2010 revenue and owns such brands as Cold- well Banker, Century 21 and ERA, persuaded its lenders to participate in a massive restructuring that extended maturities on most of its debt and prepped the company—and its stakeholders—for a housing market recovery. Realogy’s bonds are now trading at or above par.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.