Oct. 25 (Bloomberg) -- Capmark Financial Group Inc., the lender owned by Goldman Sachs Group Inc. and KKR & Co., among other companies, filed for bankruptcy protection after posting a second-quarter loss of about $1.6 billion.
The company listed consolidated debt of $21 billion and consolidated assets of $20.1 billion as of June 30, according to Chapter 11 documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. Forty-three affiliates also sought protection.
Capmark is one of the largest U.S. commercial real estate finance companies, with more than $10 billion in originations, according to Moody’s Investors Service. The company, formerly known as GMAC Commercial Holding Corp., services more than $360 billion of debt.
According to the filed court documents, Capmark and its units owe $7.1 billion to the 30 largest creditors, without collateral backing their claims.
The three biggest are Citibank N.A., as administrative agent under the $5.5 billion credit agreement, with a claim of $4.6 billion; Deutsche Bank Trust Company Americas, as trustee for the 5.875 percent senior notes and the floating senior notes due 2010, with claims of $1.2 billion and $637.5 million, respectively; and Wilmington Trust FSB, as successor trustee for the 6.3 percent senior notes due 2017, with a claim of $500 million, according to court papers.
"Markets can remain irrational for far longer than you can remain solvent" (John Maynard Keynes)
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