SAN FRANCISCO -- One day before going to market, Glenfed Inc. officials said they had lined up investors for the thrift company's $425 million recapitalization, lifting the immediate threat of a federal takeover.

On Thursday, the Glendale, Calif., thrift company is scheduled to carry out the most difficult parts of its massive reorganization effort: setting a price on a $175 million offering of convertible preferred stock and signing agreements with standby investors in a $250 million common stock rights offering.

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