Capmark Financial has filed for Chapter 11 bankruptcy protection. The company was created out of the commercial real estate assets of GMAC in March 2006, by KKR, GS Capital Partners and Five Mile Capital. The $8.5 billion carveout included $1.5 billion in equity.
Montagu Private Equity has signed a debt restructuring deal for portfolio company Linpac, which would wipe out Montagu’s position. Montagu acquired Linpac, a U.K. food packaging company, for £860 million in 2003. It recouped around 80 percent of its investment via a recap in 2007.
NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, has filed for Chapter 11 bankruptcy protection. The move was expected, and is part of a restructuring agreement with its lenders. Nortek listed estimated assets of $1.65 billion and estimated liabilities of around $2.77 billion. THL Partners acquired NTK from Kelso & Co. in 2004, and held a 66.48 percent equity stake as of late 2007, when NTK canceled a proposed $690 million IPO.
Stallion Oilfield Services Inc., a Houston, Texas-based provider of well-site support, construction and logistics services to oil exploration and production companies, has filed for Chapter 11 bankruptcy protection. The Carlyle/Riverstone-backed company canceled a proposed $400 million IPO this past January.