Parent Company of Corcoran, Sotheby’s Could Default on Debt

Crain’s keeps tabs on the situation hounding Realogy, the parent company of the Corcoran Group and Sotheby’s International Realty, among other brokerage brand-names.

The firm, which was taken private last year by Apollo Management in an $8.8 billion leveraged-buyout, has struggled mightily amid the housing crisis. Last week, the firm warned that it’s at risk of violating the terms of its bank loans and is trying to swap $1.1 billion of bonds for new debt at a discount.

Parent Company of Corcoran, Sotheby’s Could Default on Debt