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.

Founded in 1945, Akin, Gump, Strauss, Hauer & Feld, L.L.P., a leading international law firm, numbers more than 1050 lawyers with offices in Austin, Brussels, Dallas, Denver, Houston, London, Los Angeles, Moscow, New York, Northern Virginia, Philadelphia, Riyadh (affiliate), San Antonio and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; banking and financial institutions; capital markets; communications; corporate and securities; employee benefits; energy; entertainment; environment, land use and project development; estate planning, wealth transfer and probate; financial restructuring; government contracts; health; insurance; intellectual property; international; investment management; labor and employment; litigation; mergers and acquisitions; privatization; project finance; public law and policy; real estate and finance; taxation; and technology. For additional information, please visit our Web site at