Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.latimes.money From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: REAL ESTATE Date: Sat, 21 Nov 92 09:41:27 EST Message-ID: HEADLINE: REAL ESTATE Publication Date: Thursday November 19, 1992 BYLINE: O&Y Revises Its Debt Restructuring Plan: Olympia & York Developments Ltd., the world's largest commercial property developer, is considering a new debt restructuring plan under which it would liquidate most of its Canadian assets, lawyers for O&Y's creditors said. The new plan would leave O&Y's owners, the Reichmann family, with a mere 10% of their Canadian holdings, and O&Y's major lenders would have the option to seize O&Y's Canadian assets. The plan comes after informal rejection of a proposal that would have given secured creditors an equity stake in companies controlling O&Y assets. This article is copyright 1992 The Los Angeles Times Home Edition. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM