Advertisement
YOU ARE HERE: LAT HomeCollectionsBankruptcy

BRIEFLY

International

September 13, 1993|From Times Staff and Wire Reports

Rescue Package OKd for London Development: Banks agreed to the $1.7-billion package for London's huge Canary Wharf project, which fell victim to a property crash and dragged its Canadian owners into financial crisis. Administrators of Olympia & York Canary Wharf Ltd., founded by Canada's reclusive Reichmann brothers, said they expect the company that put up Britain's tallest office building to come out of administration--similar to Chapter 11 bankruptcy--in October. The administrators have now called meetings of the 1,400 unsecured creditors to the $2.8-billion office development in the former derelict Dockland's area on the Thames River. Under the proposals, the creditors would be paid up to 15% of their claims while some 130 of them will receive another 25%.

Advertisement
Los Angeles Times Articles
|
|
|