Criimi Mae Sees Emergence From Bankruptcy
On Tuesday
Criimi Mae Inc. - Rockville, Md.
4th Quar Dec. 31:
2000 1999
Inc bef item a (131,713,225) c(150,195,528)
Extrd item b 14,808,737 ....
Net income (116,904,488) (150,195,528)
Avg shrs 62,353,170 55,857,553
Shr earns
Net income a (1.91) c (2.72)
Figures in parentheses are losses.
a. Includes $143.5 million impairment charge related to increased estimate of
credit losses on retained commercial mortgage-backed securities, impairment
charge of $15.8 million on CMBS sale, and loss on CMO-IV bonds.
b. From debt extinguishment.
c. Includes $156.9 million impairment charge for CMBS portfolio.
Criimi Mae Inc. (CMM) expects to emerge from bankruptcy on Tuesday.
The mortgage real estate investment trust said all key parties have finalized the
documents needed to fund its recapitalization.
The documents include a repurchase agreement, an intercreditor agreement
and two senior secured note indentures.
Criimi Mae will file its form 10-K for 2000 by Monday.
As reported March 9, a Delaware court extended the company's
reorganization date to April 13.
In November, a judge approved Criimi Mae's restructuring plan to pay
creditors through recapitalization financing of about $847 million.
In New York Stock Exchange trading Thursday, shares closed up four cents
to 70 cents a share on volume of 881,100 shares. |
