CRIIMI MAE Emerges from Chapter 11

(Washington, D.C.) - Commercial mortgage company CRIIMI MAE announced last week that it has completed its recapitalization financing and has emerged from chapter 11. The successful reorganization was the first of a publicly held REIT and full-service commercial mortgage company.

Before filing for reorganization in October 1998, CRIIMI MAE had been actively involved in acquiring, originating, securitizing and servicing commercial real estate mortgages and mortgage-backed bonds. The reorganization - one of the largest ever in the bankruptcy courts - involved assets of $2.75 billion and liabilities of $2.15 billion. The recapitalization financing aggregated approximately $846 million.

Akin Gump represented CRIIMI MAE in the reorganization.

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