The breakdown of negotiations has left the organization owing more than $7 billion to its seven largest creditors.
Citibank NA has claimed for $4.6 billion from Capmark Financial, while Credit Suisse is seeking to recover a total of more than $1.8 billion.
The lender, which is one of the largest commercial real estate financial companies in the US, posted second-quarter losses of $1.6 billion.
In 2006, a consortium of businesses that included KKR, Goldman Sachs Capital Partners and Five Mile Capital Partners bought a 75 per cent stake in the lender.
In its bankruptcy filing, the lender listed $21 billion worth of liabilities and $20.1 billion of assets.
It has been confirmed that Capmark Bank and its other operations in the US and across the world are not part of the Chapter 11 filing.
Earlier this month, it was reported that Goldman Sachs will receive $1 billion if commercial lender CIT Group files for bankruptcy as part of the rescue package it agreed with the company last year.
By Claire Archer