CB Commercial Restructuring: CB Commercial Real Estate Group Inc., struggling with debt from its leveraged buyout, announced a restructuring that will reduce interest payments to Sumitomo Bank Ltd., its chief lender; cut executive pay, and slash shareholder dividends by millions of dollars. Jim Didion, chairman and chief executive of the Los Angeles-based brokerage, said the restructuring will help it cope with the real estate slump, which has left it with a negative net worth of $56.8 million as of June 30. CB Commercial, formerly known as Coldwell Banker Commercial Group, has been hurt by the nationwide glut of office space.
From Times Staff and Wire Reports
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