Capmark Financial receives exclusivity extension to resolve issues

By Caroline Salls

Pittsburgh, Jan. 7 - Capmark Financial Group, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to March 31 from Dec. 31 and the solicitation period to May 31 from March 1.

According to the motion, Capmark expects to be able to file a plan soon, but it may need more time to resolve complex "gating" issues.

The company said the issues that still need to be resolved include identifying alternative corporate structures for post-confirmation entities, considering the capital structure for the entities, analyzing each debtor's available distributable value and a detailed claims analysis.

Capmark Financial, a commercial real estate finance company based in Horsham, Pa., filed for bankruptcy on Oct. 25, 2009. Its Chapter 11 case number is 09-13684.

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