Capmark Financial to Sell Japanese Servicing Business
Capmark Financial Group Inc. sought court authority on Thursday to sell all of its equity in Premier Asset Management Company to Sandringham Investment Inc. Premier Asset Management, a wholly-owned subsidiary of Capmark Financial, is the first licensed loan servicer in the Japanese servicing industry and is one of the largest loan servicing companies in Japan specializing in commercial mortgage backed securities (or CMBS). Premier currently services approximately $18 billion in mortgage loans (measured by outstanding unpaid principal balance), of which $13 billion is CMBS servicing.
Capmark has been attempting to negotiate a sale of Premier since the first quarter of this year, but was able to locate only two interested parties - the proposed purchaser and one unidentified "international bank." Because of the prolonged pre-bankruptcy efforts to locate interested purchasers, Capmark is requesting bankruptcy court approval for a private sale (i.e., not requiring a competitive bidding and auction process). In the alternative, however, Capmark has requested approval of a December 14 auction, December 18 sale hearing, and JPY 50 million break-up fee ($551,785). The proposed sale price is approximately JPY 2.1 billion (approx. $23.1 million), with a potential JPY 200 million enhancement related to certain non-performing loans.
netDockets has made a complimentary copy of the asset sale motion available on JDSupra.
About netDockets:
With over 1.4 million documents filed in over 700 of the largest corporate chapter 11 bankruptcy cases, all professionally-coded to be quickly and easily searchable, netDockets allows you to find not just more precedent, but the best, most relevant precedent.
Learn more and sign up for a free trial account by visiting http://www.netdockets.com/. In addition, please contact us directly to learn more about special free trial and payment options for mid-size and large law firms. Contact information can be found on our JDSupra profile page and at http://www.netdockets.com/.
More information on Capmark's bankruptcy cases:
* Capmark Financial Files Chapter 11; Asset Sales Likely
* Capmark Creditors' Committee Appointed
Capmark has been attempting to negotiate a sale of Premier since the first quarter of this year, but was able to locate only two interested parties - the proposed purchaser and one unidentified "international bank." Because of the prolonged pre-bankruptcy efforts to locate interested purchasers, Capmark is requesting bankruptcy court approval for a private sale (i.e., not requiring a competitive bidding and auction process). In the alternative, however, Capmark has requested approval of a December 14 auction, December 18 sale hearing, and JPY 50 million break-up fee ($551,785). The proposed sale price is approximately JPY 2.1 billion (approx. $23.1 million), with a potential JPY 200 million enhancement related to certain non-performing loans.
netDockets has made a complimentary copy of the asset sale motion available on JDSupra.
About netDockets:
With over 1.4 million documents filed in over 700 of the largest corporate chapter 11 bankruptcy cases, all professionally-coded to be quickly and easily searchable, netDockets allows you to find not just more precedent, but the best, most relevant precedent.
Learn more and sign up for a free trial account by visiting http://www.netdockets.com/. In addition, please contact us directly to learn more about special free trial and payment options for mid-size and large law firms. Contact information can be found on our JDSupra profile page and at http://www.netdockets.com/.
More information on Capmark's bankruptcy cases:
* Capmark Financial Files Chapter 11; Asset Sales Likely
* Capmark Creditors' Committee Appointed
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