Buyout firms Apollo Global Management LP and Centerbridge Capital Partners LLC have made competing bids for CW Financial Services, parent of the second-largest manager of delinquent U.S. commercial real estate loans, said two people with knowledge of the offers.

Berkadia Commercial Mortgage LLC, a partnership between Warren Buffett's Berkshire Hathaway Inc. and Leucadia National Corp., also was weighing a bid for CW Financial, said a third person familiar with the matter.

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