City Investing will make a cash distribution.

The company, which has been selling assets in a voluntary liquidation plan, said it will make an initial cash distribution of about $275 million to its shareholders. In addition, the company said its board of directors had called for the redemption of its outstanding debt and four series of cumulative preference stock. The company estimated its outstanding debt at about $275 million. The cash distribution will be $7.50 per share to be paid July 16 to common stockholders of record on June 28, the company said.