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HORSHAM, PA-Capmark Financial Group is posting a $1.1 billion loss in their fourth quarter of 2008 and may face bankruptcy, according to the Philadelphia Business Journal. The loss puts the company into a position which requires an extension on the due dates of upcoming loans in order for them to avoid filing for Chapter 11.

The company has contacted the SEC and is requested a 15-day extension to work-out terms with lenders over bridge loans and senior credit facilities. The lenders had already agreed to extend the loans until May 8, but Capmark fears that will not be enough time in light of their losses.

To read the full Journal story, click here

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