National Commercial Real Estate News From CoStar Group
Facillity Closures & Downsizings: Cisco, Orchard Supply and Sequenom Cutting Staff
Cisco Systems Inc. is rebalancing its resources with a workforce reduction plan that will eliminate 4,000 employees or 5% of Cisco’s global workforce. Cisco expects to take action under this plan beginning in the first quarter of fiscal 2014. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results in an amount not expected to exceed $550 million consisting of severance and other one-time termination benefits...
Capital Markets Report: Oaktree Capital Securitizes Non-Performing Loans
Oaktree Capital Management, has securitized a portfolio of non-performing loans, real-estate-owned properties, and performing loans LP it acquired from seven financial institutions for $340.8 million. The portfolio has an aggregate unpaid principal balance (UPB) of $739.8 million.
Kroll Bond Rating Agency assigned a ‘BBB- (sf)’ preliminary ratings to Class A of the ORES, Series 2013-LV2 transaction.
ORES Series 2013-LV2 contains 831 NPLs (61...