Bankruptcy Judge Christopher Sontchi ruled Tuesday that Capmark Financial Group Inc. will have to push back the bid deadline for its servicing business.
Capmark, which filed for bankruptcy Sunday and had previously announced plans to sell its servicing unit to a joint venture formed by Berkshire Hathaway Inc. and Leucadia National Corp., has been instructed to wait for creditors to form a committee before asking for a bid deadline, Reuters reports.
Capmark had originally sought a bid deadline of this Saturday. According to Reuters, the creditors' formation of a committee is expected to happen Monday.
Berkshire Hathaway and Leucadia National's initial bid was $490 million.