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September 21, 1996|Times Staff and Wire Reports

Court Approves Olympia & York Restructuring Plan: U.S. Bankruptcy Judge James Garrity Jr. OKd the reorganization plan for Olympia & York USA, the landlord for several major office buildings, including New York's World Financial Center. O&Y's U.S. operations are expected to formally emerge from bankruptcy proceedings as a new business by Oct. 31. The plans call for a group led by Toronto's Bronfman family to assume a controlling interest in the reorganized business, to be called World Financial Properties. The plans also call for the company to restructure the heavy debt load that prompted it to file for bankruptcy protection in 1995. The firm's Toronto-based parent company failed in 1992.

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