June 19, 2009 |
CB Richard Ellis Group Inc., the world's largest commercial property brokerage, borrowed $450 million Thursday at a steep interest rate as part of the firm's effort to stay solvent in the most punishing real estate market in decades. The Los Angeles-based company raised the money by selling new bonds. It is using the proceeds, along with $150 million that it raised last week by selling new common stock, to help pay off hundreds of millions of dollars in loans coming due this year and next.
April 30, 2009 |
Commercial real estate brokerage CB Richard Ellis Group Inc. on Wednesday reported its first loss since it went public nearly five years ago, capping months of difficulty in the depressed property market. The Los Angeles company said it had a net loss of $36.7 million, or 14 cents a share, in the first quarter compared with a profit of $20.4 million, or 10 cents, in the same period in 2008. Revenue was down 28% to $890 million.
April 22, 2009 |
Sen. Dianne Feinstein (D-Calif.) offered to help secure federal funds for the Federal Deposit Insurance Corp. days before the agency awarded a contract to her husband's company in the housing foreclosure crisis. On Oct. 30, Feinstein expressed backing for FDIC Chairwoman Sheila Bair's proposal to stem home foreclosures through the use of federal bailout funds for the agency.
April 11, 2009 |
The chief executive for Los Angeles commercial real estate services company CB Richard Ellis Group Inc. saw his total compensation for 2008 fall 45% after he declined a performance-based bonus. CEO Brett White's total compensation fell to $3.3 million from about $6.1 million the year before, according to an Associated Press calculation based on a filing with the Securities and Exchange Commission.
March 25, 2009 |
International commercial real estate services giant CB Richard Ellis Group Inc., which has been thrashed by the dismal real estate market and prolonged credit freeze, has gotten a break from its bankers, the company said Tuesday. CB Richard Ellis renegotiated its credit agreement with dozens of lenders, it said. Under the new agreements, the company may now experience a further decrease in revenue without triggering violations of the terms of its loans.
February 11, 2009 |
Battered by falling sales and leasing activity, international commercial real estate brokerage company CB Richard Ellis Group Inc. reported a 94% drop in profit during the fourth quarter Tuesday but still managed to beat Wall Street's expectations. The Los Angeles company said it had net income of $6.5 million, or 3 cents a share, compared with $122.4 million or 54 cents, in the same period a year ago. Revenue was down 30% to $1.3 billion.