In an effort to emerge successfully from bankruptcy protection, Criimi Mae Inc. and two of its holdings have submitted a third recapitalization plan to the U.S. Bankruptcy Court.

The March 31 proposal is the second amended plan to be submitted to the court; the first was submitted Dec. 23, 1999 and the original was filed in October 1999. The Rockville, Md.-based commercial mortgage real estate investment trust originally filed for Chapter 11 bankruptcy protection Oct. 5, 1998.

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