Capmark Delays Annual Report, Future Uncertain

HORSHAM, PA-Commercial real estate financial-services firm Capmark Financial Group has delayed its annual report, and the clock is ticking on the company to make an arrangement with lenders. Industry sources are saying that if an agreement isn’t struck soon, the Capmark’s last days could be near.

Capmark is extending its annual report filing by two weeks and management anticipates submitting the document by April 15, but is not making promises that it will be able to do so. The company also recently received an extension on the maturity date of its $833-million bridge loan for two weeks, until April 9. So far, one lender of $48 million has not agreed to an extension and is asking for full payment.

If no agreement with lenders is met soon, says Fitch analyst Christopher Wolfe, Capmark will have to file for bankruptcy and ultimately go out of business. “We believe the banks are inclined to prevent that outcome, but there’s no guarantee of that,” he told GlobeSt.com. “Clearly, this can’t go on for too much longer. You can’t let this drag out for six months.”