International commercial real estate services giant CB Richard Ellis Group is likely to ask its bankers for a break on repaying its loans and has continued to lay off employees, the company said Wednesday.
The announcements came a day after the Los Angeles company released financial statements showing a 94% drop in profit, which fell to $6.5m in the fourth quarter. Revenue was down 30% to $1.3bn.
At the same time, CB Richard Ellis has a debt of $500m coming due in the next two years and is required to maintain specific ratios of cash flow to net debt to meet its obligations to lenders.
Los Angeles Times