Tag Archives: Apollo

Apollo lays an egg

clipped from www.crainsnewyork.com
Apollo’s $8.8 billion LBO of Realogy in April 2007, threatens to turn into an even worse blunder. Cash from operations collapsed by 86% to $44 million through the nine months ended Sept. 30, a dire situation considering that the company is on the hook for about $600 million in annual interest expense on its $10 billion debt. Realogy is trying to stop the bleeding by swapping debt for new bonds, but investors are balking. Activist investor Carl Icahn sued last week, contending that Realogy is insolvent and the proposed debt swap is a fraudulent transfer.
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