Publications
Publications
- March 2011
- HBS Case Collection
Countrywide plc (CW)
By: Stuart C. Gilson and Sarah L. Abbott
Abstract
One of the world's leading investors in distressed companies, Oaktree Capital Management is contemplating a "loan to own" investment in the debt f Countrywide plc, a financially troubled residential real estate agent based in the U.K. Only sixteen months earlier, Countrywide was acquired by a private equity investor Apollo Management L.P. in a leveraged buyout. Although Countrywide is the largest real estate agent in the U.K., and has a strong portfolio of assets, its economic fortunes have declined suddenly with the widespread collapse of global financial and real estate markets, putting it in danger of defaulting on its debt and having to restructure under a U.K. Scheme of Arrangement.
Keywords
Leveraged Buyouts; Restructuring; Economic Slowdown and Stagnation; Assets; Borrowing and Debt; Private Equity; Insolvency and Bankruptcy; Investment Portfolio; Crisis Management; Strategy; Valuation; Real Estate Industry; United Kingdom
Citation
Gilson, Stuart C., and Sarah L. Abbott. "Countrywide plc (CW)." Harvard Business School Spreadsheet Supplement 211-714, March 2011.
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