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 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.
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.
November 14, 2008 |
Shares of CB Richard Ellis Group Inc. jumped 43% on Thursday after the world's largest real estate broker raised about $180 million in a secondary stock sale. The company, based in Los Angeles, sold 50 million Class A shares at $3.77 each, according to a statement issued Wednesday. CB Richard Ellis had abandoned plans to raise $300 million to $400 million through the private sale of convertible preferred stock.
November 12, 2008 |
Shares of CB Richard Ellis Inc., the world's largest real estate brokerage, fell 23% on Tuesday to near a four-year low after the Los Angeles company dropped plans to raise money through a private offering and instead sell more shares to the public. In a document filed Monday with the Securities and Exchange Commission, the brokerage said discussions with private investors intended to raise as much as $400 million didn't pan out and were terminated.