CRIIMI Mae Emerges from Bankruptcy

ROCKVILLE, MD-Commercial mortgage company CRIIMI Mae Inc. emerged from bankruptcy on Tuesday, nearly two-and-a-half years after filing for Chapter 11 protection. Meanwhile, the beleaguered company reported losses for 2000 of $155.5 million.

In a motion filed last Friday in the Greenbelt, MD division of US Bankruptcy Court, all the key parties to the bankruptcy said they had finalized and signed off on documents needed to fund CRIIMI Mae’s recapitalization efforts. The court documents gave all the parties until Tuesday to finalize the agreement. Named parties in the documents were CRIIMI Mae, Merrill Lynch Mortgage Capital Inc. and German American Capital Corp.

“All sides of the table worked very hard to get to this point, and their efforts are greatly appreciated,” says David Iannarone, CRIIMI Mae’s executive vice president.