Capmark Financial Group, the lender owned by Goldman Sachs Group and KKR, among others, filed for bankruptcy protection after posting a second-quarter loss of about $1.6bn.

The company listed consolidated debt of $21bn and consolidated assets of $20.1bn as of 30 June, according to Chapter 11 documents filed yesterday in US Bankruptcy Court in Wilmington, Delaware. Forty-three affiliates also sought protection.

Capmark is one of the largest U.S. commercial real estate finance companies, with more than $10bn in originations, according to Moody’s Investors Service. The company, formerly known as GMAC Commercial Holding Corp., services more than $360bn of debt.

The company has struggled as the default rate on commercial mortgages held by US banks more than doubled to the highest since 1994. Capmark said on 2 Sept that it may reorganize under Chapter 11 of the bankruptcy code