Sunday, Mar 16, 2008
EA in trouble.
Telegraph: Countrywide in a state over distressed debt
Apollo Management, could be forced to pump millions of pounds of cash into Countrywide, Britain's biggest chain of estate agents, in a bid to shore up its investment in the group. One trader said: "Countrywide's senior debt is trading at 67p in the pound and the bonds are 51p in the pound. The big discount is because traders believe the company will need more cash from the sponsor if the housing market continues to deteriorate. There are also concerns in the market over the performance of Foxtons. Oh dear, oh dear! What a shame, let them share in the misery that they have sown.
Posted by who stole my pension? @ 06:12 AM (1070 views) Add Comment
12 Comments
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1. Orwell said...
LOL!
I wonder what will happen to Countrywide Property 'Lawyers'?
I hope they don't have a client account that can be plundered.
Still Mr. Clementi we are all Bankers now aren't we (and not in the cockney rhyming slang).
2. bystander said...
Countrywide and Foxtons both sold to equity management companies last April, the chairmen/ directors of each company walking away with huge personal wealth and even bigger smiles. Did they know what was about to happen??????????....................I would like to believe these were simply business dealings, but as it involves EA's I am not entirely sure litigation on the grounds of Fraudulent miss-selling isn't in order. So come on Apollo management and BC Partners give Jon Hunt (Foxtons) and Countrywides executives a call and a letter from your lawyers.
3. paul said...
Poxtons in trouble? That's made my week.
4. denzil said...
Oh shame!
Whilst prices were rocketing and houses "flying off the shelves", they should have save for a rainy day. Did they think double digit growth was going to continue for ever!
5. Maihem said...
There's no real need for investors to worry, really (unless these estate agents are in a particularly harsh 9 month or so bind for cash commitments). Estate agents make plenty of money when houses are selling whether it's a bull market or a bear market. It's just that right now there is no market. Ironically, any attempt to shore up the market by government will be the major cause of harm to estate agents.
6. doomwatch said...
Just waiting for Foxtons to start closing branches now. Which first though ? Guildford ?
7. mark wadsworth said...
Tee hee.
8. plato said...
Oh dear ! How sad ! Never mind.
Oh dear ! How sad ! Never mind.
9. planning4acrash said...
Maybe get some cheap mini's?! Well, I guess they'll have to pay for the respray,
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