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MIAMI-Boca Raton-based Capitol Communities Corp. expects its subsidiary, Capitol Development of Arkansas Inc., to be out of Chapter 11 protection shortly after the Arkansas firm paid its secured creditors a total $7 million in lieu of a reorganization plan, Michael Todd, a company principal, tells GlobeSt.com.

Capitol Development filed for Chapter 11 on July 21, 2000 after the Illinois Department of Insurance, successor to a failed insurance company, sought to foreclose on an unsuccessful planned sale of 1,000 acres the Arkansas firm owned in Maumelle, AR.

The U.S. Bankruptcy Court in Little Rock, AR allowed Capitol Development to continue operating as a debtor in possession for the duration of the filing. The company completed land sales this year totaling $8.5 million and has paid off all of its secured creditors, Todd says.

Capitol Communities Corp., through its subsidiary, owns 700 acres in Maumelle, a master-planned city with 12,000 residents located directly across the Arkansas River from Little Rock. Maumelle has a full complement of commercial, industrial and residential development, Todd says.

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