Criimi Mae Inc. last week filed its reorganization plan with the U.S. Bankruptcy Court.
Its reorganization plan would have the company raise $910 million. Financier Leon Black's Apollo Real Estate Advisors fund has agreed to provide $50 million of that by buying preferred stock. Another $435 million would be raised by selling debt, some of it to existing debtholders. The last $425 million would come from sales of commercial mortgage bonds the company holds.