Capmark files for bankruptcy
China Daily | Updated: 2009-10-27 08:39
NEW YORK: Commercial real estate company Capmark Financial filed for bankruptcy protection, wiping out the investment of several private equity firms including Kohlberg Kravis Roberts & Co.
Capmark, which was created in March of 2006 through a leveraged buyout of the commercial real estate assets of General Motors' finance arm GMAC, had said earlier this year that it might file for bankruptcy.
The company said in a statement the move was due to conditions in the financial and commercial real estate markets and a lack of available capital.
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