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Capmark seeks court OK to sell Japan loan unit to Sandringham

Fri Nov 6, 2009 10:26am EST

Nov 6 (Reuters) - Capmark Financial [CPFNG.UL] has asked a U.S. bankruptcy court to approve the previously arranged sale of its Japanese loan servicing business, Premier Asset Management, to UK-based fund management firm Sandringham Capital Partners.

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In a motion filed on Thursday, the bankrupt commercial real estate company asked the court to schedule an auction on Dec. 14 for the assets if the sale to Sandringham was declined.

Capmark agreed to sell Premier to Sandringham on Oct. 19, a week before it filed for bankruptcy protection. Terms of the deal were not disclosed.

Based in Tokyo, Premier is one of Japan's biggest loan servicing firms and currently has assets of about $18 billion, Capmark said.

The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)

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