More than a year after filing for Chapter 11 federal bankruptcy protection, Criimi Mae Inc. has filed a reorganization plan with the United States Bankruptcy Court.

Criimi Mae, a Rockville, Md.-based commercial mortgage real-estate investment trust has put forth a $910 million recapitalization plan, announced Sept. 23. The plan would allow a division of Apollo Real Estate Advisors IV LP to invest $50 to $61 million of a new series of convertible preferred stock, and purchase a majority of Criimi's current commercial mortgage-backed securities to reduce the size of Criimi Mae's balance sheet, totaling approximately $425 million.

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