CRIIMI MAE Creditor And Equity Holder Committees Support Extension Of Exclusivity
Judge Enters Consent Order Extending CRIIMI MAE's Exclusive Period
To File a Reorganization Plan Through September 10
ROCKVILLE, Md., July 30 /PRNewswire/ -- After receiving the support of the official creditor and equity holder committees in its bankruptcy proceedings, CRIIMI MAE Inc. (NYSE: CMM) today obtained court approval for an extension of its exclusive periods to file a plan of reorganization and solicit acceptances of its plan.
The consent order gives CRIIMI MAE extensions to file a reorganization plan through September 10, 1999 and solicit acceptances of the plan through November 10, 1999. The previously approved exclusive periods would have ended August 5, 1999 for filing a plan and October 3, 1999 for soliciting acceptances.
CRIIMI MAE, and no other party, has the right to file a reorganization plan with the bankruptcy court during the exclusive period.
In supporting the extension of exclusivity, counsel for the Official Committee of Unsecured Creditors of CRIIMI MAE indicated that the committee supports a prompt recapitalization of CRIIMI MAE as the best resolution of the Chapter 11 case. |
