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Realogy losses narrow to $15 million

$3.4 billion in debt remains within stipulated limits

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Drastic cost-cutting measures helped real estate franchisor Realogy Corp. limit second-quarter losses to $15 million, despite a $371 million decline in revenue from a year ago.Realogy -- which in February was forced to respond to rumors that it could be forced to seek bankruptcy protection -- had posted a $259 million net loss in the first three months of the year, due in part to interest payments on its massive debt (see story).The company said today that it had $356 million in cash on hand as of June 30, and that the 5.1-to-1 debt ratio on $3.4 billion in senior secured debt remains within the maximum 5.35-to-1 ratio stipulated in its credit agreement.The maximum steps down to 5.0-to-1 on Sept. 30, however, and then to 4.75-to-1 on March 31, 2011. Realogy has said private-equity firm Apollo Management LP has pledged to help the company maintain its debt ratio and cash flow through the end of this year (see story).At $1.018 billion, second-quarter net revenue was down 27 percent from...