Real Estate Brokerage Firm Included In List Of 15 Firms To Go Bankrupt In 2009

February 13, 2009
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The country’s biggest real estate brokerage firm is included in the list of 15 firms projected to quote Chapter 11 and declare bankruptcy by 2009.  Realogy Corporation, which is a privately-owned company employing about 13,000 workers, include the Sotheby, ERA and Coldwell franchises. It is a prime mover in the relocation and real estate services. The trouble in Realogy started as early as 2007 when it was purchased by the Apollo Group.  The high debt load of the company started at almost the same the housing market took a nosedive. What made the problem worse was Realogy’s attempt to refinance most of its debt which yielded several lawsuits.

Realogy’s reach is…

Bayshore Mall To Close Down As Firm Eyes Bankruptcy

February 7, 2009
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Bayshore Mall may be facing closure after owner General Growth Properties has set its eyes on declaring bankruptcy. Bayshore is just one of the 200 shopping centers owned by the firm which faces closure problem due to the debts incurred by General amounting to $27 billion. GGP as extended the payment of its loan several times already but it did not ask for an extension last Monday for a $225 million loan due the Goldman Sachs Group Inc. The loan was one of the remedies used by GGP to pay off several mortgages already while it tried to sell assets to raise cash.

The management of Bayshore Mall however refused to…

Kobra Properties Files Bankruptcy; Abandons 16 Properties

February 2, 2009
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The economic meltdown which has driven financing rates at a skyrocketing rate has indeed taken its toll on real estate commercial properties. Kobra Properties has succumbed to such economic pinch and it has decided to let go of its 16 most troubled assets and filed for bankruptcy.

Kobra Properties founder and President Abe Alizadeh thinks its no use holding on to the 238-acre problematic properties of Kobra out of its 900-acre real estate portfolio especially if the company wants to ride out of its bankruptcy declaration and continue to become a more viable property developer. Planned to be abandoned are mostly unfinished office, retail and restaurant projects— assets which Alizadeh looks at as…