Criimi Mae to Come Out of Bankruptcy

Criimi Mae is slated to emerge from bankruptcy today after the key parties to the company's Chapter11 proceeding reached an agreement to fund the company's re-capitalization. In the motion filed Friday,April 13 in the United States Bankruptcy Court for the District of Maryland, Greenbelt Division, the parties saidthat they have finalized and signed the documents needed to fund the Rockville, Md.-based Criimi's capitalizationplan. Also, the parties "plan to sign the miscellaneous closing documents, disburse the funds and consummatethe effective date of the plan on or before Tuesday, April 17." The motion indicated that the signed fundingdocuments include a repurchase agreement, an intercreditor agreement and two senior secured note indentures. Theparties to the motion are Criimi Mae, the Official Committee of Unsecured Creditors of Criimi Mae, Merrill LynchMortgage Capital, and German American Capital Corporation.