New York - Capmark Financial Grouop Inc, one of the largest US commercial real estate finance firms, has filed for bankruptcy, Bloomberg financial news agency reported Monday. Capmark, which is owned by companies including Goldman Sachs Group Inc and KKR & Co, posted a second-quarter loss of about 1.6 billion dollars.
In the filing which was submitted Sunday in US Bankruptcy Court in Delaware, 43 affiliates also sought protection.
A deal was announced in September that would have Warren Buffett's Berkshire Hathaway Inc buying Capmark's loan-servicing and mortgage business for up to 490 million dollars.
Higher bids are to be sought at an auction.
Capmark and its units owe 7.1 billion dollars to the 30 largest creditors without collateral backing their claims, according to the filed court documents.
The three biggest are Citibank NA, with a claim of 4.6 billion dollars; Deutsche Bank Trust Co. Americas, with claims of about 1.8 billion dollars; and Wilmington Trust FSB, with a claim of 500 million dollars, according to court papers.
US commercial property values have shed about 41 per cent since 2007 amidst the recession.
