Capmark Files for Bankruptcy

Following a massive second-quarter loss of $1.6 billion, Capmark Financial Group, a lender owned by Goldman Sachs and KKR & Co, among other companies, has filed for bankruptcy protection. As of June 30, Capmark had consolidated debt of around $21 billion and assets of $20.1 billion.
Capmark is one of the largest commercial real estate finance companies in the United States with more than $10 billion in originations. The company, formerly known as GMAC Commercial Holding Corp., controls more than $360 billion in debt and has struggled due to the rapid increase of the default rate on commercial mortgages held by …read more