Capmark Aims To Scale Back Business In Ch. 11 Plan

Law360, New York (April 19, 2011, 8:51 PM EDT) -- Bankrupt commercial mortgage lender Capmark Financial Group Inc. filed its reorganization plan Friday in Delaware, proposing to streamline operations by eliminating its low-income housing tax credit business.

The overall plan consists of 14 separate plans for each of the reorganizing entities, with Capmark’s other 32 bankrupt affiliates — all special purpose entities for the LITHC business — soon to file for dismissal of their bankruptcy cases, according to the company's disclosure statement.

Six of the LITHC subsidiaries have already settled the vast majority of their claims...
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