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Realogy says Apollo has its back

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Realogy Corp. reported a $1.9 billion loss for 2008 Wednesday, but the debt-burdened company's executives said they can count on financial assistance from private equity firm Apollo Management LP to stay in compliance with creditors and maintain cash flow through the end of the year. Nearly all of the loss reported by Realogy -- $1.79 billion -- were noncash charges to goodwill, intangible assets and investments on the company's balance sheet. Most of the write-downs were related to the difference in the price paid by Apollo to acquire Realogy in 2007 and the current value of the company's assets, said Chief Executive Officer Richard A. Smith. The write-downs have more to do with the state of the economy than the health of the company, Smith said, and have no impact on the company’s day-to-day operations, liquidity or debt agreements. Realogy generated more than $100 million of cash from operations on revenue of $4.7 billion in "an extremely challenging real estat...