Avison Young CEO Mark Rose is optimistic that the brokerage has overcome its most challenging period.

On Friday, the Toronto-based firm was found in default by S&P Global, which downgraded its credit rating, citing missed principal and interest payments on nearly $400M in loans.

In a Saturday interview with Bisnow, Rose denied that Avison Young missed any required payments to its lenders. Instead, he said the company has struck a deal to cut its debt by over 50% and reorganize the company with a leaner board. This agreement, still pending closure, includes new financing aimed at fueling the company’s expansion.

Rose told Bisnow’s Jarred Schenke and Ethan Rothstein that Avison Young, which has a workforce of 5,000 people across 100 offices in 19 countries, is gearing up for a phase of vigorous growth after a year of departures from its executive team.

“The next report you should be hearing from us is what we’re investing in, who we’re hiring and who we’re buying,” Rose said.

— Mark F. Bonner, Bisnow Editor-in-Chief