Biggest Financial Firms Will Be Hurt by Capmark Bankruptcy
By Daniel at 3 November, 2009, 1:04 am
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By Paul Muolo
When commercial mortgage giant Capmark Financial filed for bankruptcy protection last week its initial declaration included a page for its 30 largest unsecured creditors with one glaring omission: those creditors were not named.
After a bit of digging — and with the assistance the kind folks at Bankruptcy.com, a tracking service — I was able to obtain a list of Capmark’s largest “unsecured” creditors from the truckload of documents that eventually were dumped in the court record. Topping the list was Citibank — which is hardly in a position to take more losses.
But Citi — the administrative agent on what was once a $5.5 billion loan to Capmark — has plenty of company. Deutsche Bank, acting as a trustee, is owed $1.8 billion on bond-related debt with Wilmington Trust owed $500 million
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