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Capmark Financial Group Inc. Seeks To Restructure Balance Sheet Through Chapter 11 Reorganization Process.

Publication: Business Wire
Publication Date: 25-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
HORSHAM, Pa. -- Capmark Financial Group Inc. ("Capmark") today announced that Capmark and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Capmark intends to use the reorganization process to implement a restructuring that reduces its corporate debt and maximizes value for its stakeholders. Capmark's businesses are continuing to operate in the ordinary course.

Capmark Bank, which recently received $600 million of new equity from Capmark, is not part of the filing. The Chapter 11 proceedings are not expected to have an impact on Capmark Bank, its existing lending commitments and deposits or its ability to conduct trust services. Capmark Bank will continue to serve its customers.

Capmark has filed a variety of customary first day motions to enable it to continue to conduct business in the ordinary course during the Chapter 11 process, including motions to allow Capmark to pay vendors for...

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