The trustee for Southeast Banking Corp., which failed in 1991, said creditors could be repaid as much as $115 million in July.

The proposed distribution, which is subject to approval by the bankruptcy court, would be the fourth in the company's Chapter 7 bankruptcy case, said the trustee, Jeffrey H. Beck of Fort Lauderdale, Fla.

Most of the proceeds would go to holders of subordinated bonds issued by Southeast over several years before its collapse, Mr. Beck said in a written statement. He was not available to comment Friday.

Southeast, an $11.3 billion-asset company, was seized by federal regulators in September 1991. Its lead bank, Florida's third-largest, had suffered nearly two years of heavy losses, mostly on real estate loans.

The Federal Deposit Insurance Corp., acting as receiver, sold the bank's deposits and selected assets to First Union Corp. The holding company filed for protection from creditors under Chapter 7.

Mr. Beck said that the proposed distribution would come from cash on hand in the bankruptcy estate, money to be paid into the estate from the receivership of Southeast Bank, and an anticipated federal tax refund.

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