Court Clears Capmark to Sell Tax Credit Unit to U.S. Bancorp

Capmark Financial Group Inc. won court approval to sell its new markets tax-credit business to affiliates of U.S. Bancorp in a deal that also wipes clear $432 million in claims against its bankruptcy estate, Dow Jones Daily Bankruptcy Review reported today. Judge Christopher Sontchi on Thursday approved a settlement providing for the sale of the business to U.S. Bancorp, whose affiliates were investors in the majority of Capmark's so-called new markets tax-credit deals. The tax-credit business was developed under the U.S. Treasury Department's new markets tax credit program, which was created to boost investment in low-income communities