GLENDALE, Calif. - At a special meeting of Glenfed Inc., shareholders narrowly approved a reorganization plan aimed at recapitalizing the company's Glendale Federal Bank unit, fending off a federal takeover.

The company said on Thursday that 52.8% of its shares were voted in favor of the plan and 14.4% were voted against. Separately, enough debtholders and preferred stockholders accepted the company's offer - to exchange their holdings for newly issued common stock - to allow the reorganization to proceed.

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