CRIIMI MAE Hearings Set
ROCKVILLE, Md., Jan. 21 /PRNewswire/ -- Judge Duncan W. Keir of the United States Bankruptcy Court, District of Maryland, Greenbelt Division (the "Bankruptcy Court") has scheduled a hearing for April 25 and April 26, 2000 on the proposed disclosure statements filed in the bankruptcy case of CRIIMI MAE Inc. (NYSE: CMM) and its affiliates CRIIMI MAE Holdings II, L.P. and CRIIMI MAE Management, Inc. (collectively "CRIIMI MAE").
In December 1999, CRIIMI MAE filed its Amended Joint Plan of Reorganization (the "Plan") and proposed Disclosure Statement with the Bankruptcy Court. The Plan was filed with the full support of the Official Committee of Equity Security Holders, which is a co-proponent of the Plan. Merrill Lynch Mortgage Capital Inc. ("Merrill Lynch") and German American Capital Corporation ("GACC"), two of the Company's largest secured creditors, would provide exit financing under the Plan as part of the recapitalization of the Company.
In January 2000, the Official Committee of Unsecured Creditors of CRIIMI MAE Inc. (the "Unsecured Committee") filed its amended plan and amended proposed disclosure statement which, in general, provide for the liquidation of the assets of the Company.
Judge Keir also set a hearing date of February 2, 2000 to consider a motion filed on January 12, 2000 by another creditors committee, the official creditors committee of CRIIMI MAE Management, Inc. This motion asks the judge to suspend consideration of the Unsecured Committee's proposed liquidation plan until there has been full consideration of CRIIMI MAE's reorganization plan. |
