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ROCKVILLE, MD-A plan is approved and in place to resolve Criimi Mae’s bankruptcy issues. Judge Duncan W. Keir, US Bankruptcy Court for the District of Maryland, Greenbelt Division, signed an order confirming the plan of reorganization that will allow Criimi Mae Inc. and two affiliated companies to emerge from bankruptcy no later than March 15, 2001.

The company’s emergence from bankruptcy is subject to the completion and execution of documents for recapitalization financing to be provided by the company’s unsecured creditors and two major secured creditors, Merrill Lynch Mortgage Capital Inc. and German American Capital Corporation.

The reorganization plan provides for the payment of all allowed claims of secured and unsecured creditors in full and for paying creditors through recapitalization financing of approximately $847 million — about $267 million of secured financing from Merrill Lynch and GACC, $161 million of secured financing from certain existing unsecured creditors and $419 million of proceeds from already completed sales of commercial mortgage-backed securities.

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