December 3, 2008
Icahn's investment partnership, an investor in the buyout of Realogy Corp. is suing to prevent the company from refinancing $1.1 billion in debt (a workout). The $1.15 billion in old debt, below, Ichan's will be transformed into $500 million new debt, of which $237 is senior to Ichan's. Not so fast, says Icahn, the move violates my debt covenants. He, in essence, is unwilling to take a hit in the workout. Realogy with threaten bankruptcy as an alternative and the parties with play a game of chicken in a tense negotiation. Ichan will win.
December 3, 2008 | Permalink
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