Metropolitan Mortgage plan accepted by a majority of creditors

By Caroline Salls

Pittsburgh, Jan. 18 - Metropolitan Mortgage & Securities Co. Inc.'s plan of reorganization was accepted by a majority of voting creditors, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Washington.

A total of 99.73% or 373 holders of $4.32 million in Metropolitan administrative convenience claims voted to accept the plan, while 0.27% or one holder of $5,542 in these claims voted to reject it.

A total of 94.49% or 10,999 holders of $241.95 million in Metropolitan general unsecured claims voted to accept the plan, while 5.51% or 642 holders of $11.01 million of these claims voted to reject it.

The sole Metropolitan intercompany claimant voted to reject the plan, but under a settlement agreement, will cast an amended vote to accept the plan.

A total of 100% or 147 holders of $1.38 million in Summit Securities, Inc. administrative convenience claims voted to accept the plan.

A total of 94.82% or 4,172 holders of $61.55 million in Summit general unsecured claims voted to accept the plan, while 5.18% or 228 holders of $2.32 million in these claims voted to reject it.

Two Summit intercompany claimants voted to accept the plan. One of these creditors voted to reject it, but under a settlement agreement, will change its vote to accept the plan.

Spokane, Wash.-based Metropolitan filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

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