Besides convincing the judge to approve the plan, Criimi Mae must also win the backing of its creditors, who will vote on the plan Criimi outlined in its plan of reorganization, filed in July. Ballots will be distributed until Sept. 20, and voting runs until Oct. 20.
Investors holding Criimi's common stock, preferred stock, bonds and general unsecured creditors as of Sept. 5 are eligible to vote.
The plan is supported by the committees representing equity shareholders and unsecured creditors. Two of the biggest secured creditors are helping to finance the plan.
Earlier this month, Criimi sold five classes of commercial mortgage-backed securities from Chase Commercial Mortgage Securities Corp. to German American Capital Corp. The sale, which generated proceeds of $43.8 million, was pursuant to a consent order entered by bankruptcy judge Duncan W. Keir to help Criimi emerge from bankruptcy.
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