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 had a break from its bankers, the company has said.
Under the new agreements, the company may now experience a further decrease in revenue without triggering violations of the terms of its loans.
Violations could prompt the lenders to demand full payment of their loans, forcing the company into an untenable financial situation.
As part of its bargain with lenders, CB Richard Ellis reduced its outstanding debt Tuesday with a voluntary pre-payment of $105m, covering about two quarters' worth of scheduled amortization payments, the company said.
Los Angeles Times