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."

Since the Capmark's debt is unsecured, its banks might consider a continuation in negotiations before a default takes place, Wolfe adds. A Capmark spokesperson did not have any comment on his remarks.

In February the company reported a preliminary fourth-quarter loss of $800 million. It also at that time announced it had withdrawn its application from the Board of Governors of the Federal Reserve System to become a bank holding company.