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BUSINESS
June 29, 1992 | From Times Staff and Wire Reports
Canary Wharf Tenants Threaten Rent Strike: A group of 10 tenants that have already moved into Olympia & York Development's Canary Wharf project in London's docklands are threatening not to pay $4.7 million in rent, the Sunday Times said. The tenants are frustrated by lack of information from court-appointed administrators, lack of action to resolve the development's status and the conditions of their offices, the paper said.
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NEWS
October 24, 1999 | MARJORIE MILLER, TIMES STAFF WRITER
Fortunately, Britain's $1.2-billion Millennium Dome, constructed to celebrate the passage of time in the cradle of Greenwich Mean Time, will be completed on time. At least, some people think it is fortunate. Others say it's a big waste of time. Still others are waiting to pass judgment until Britain's millennium centerpiece opens for business. All in due time.
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BUSINESS
June 5, 1992 | From Reuters
Olympia & York Developments Ltd. staved off its first foreclosure in the United States on Thursday when a group of banks decided to delay seizing part of the collateral backing a $160-million loan that is in default, bankers said. The banks had planned to seize and auction a swap agreement, but after a last-minute discussion with O & Y, they decided to postpone the action until June 18.
BUSINESS
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.
BUSINESS
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.
NEWS
October 24, 1999 | MARJORIE MILLER, TIMES STAFF WRITER
Fortunately, Britain's $1.2-billion Millennium Dome, constructed to celebrate the passage of time in the cradle of Greenwich Mean Time, will be completed on time. At least, some people think it is fortunate. Others say it's a big waste of time. Still others are waiting to pass judgment until Britain's millennium centerpiece opens for business. All in due time.
BUSINESS
September 22, 1991 | WILLIAM TUOHY, TIMES STAFF WRITER
The gigantic office building, its 800-foot, 50-story exterior clad in stainless steel and topped by a shining pyramid, gleams in the sunlight, a monumental new London landmark towering over the satellite buildings around it. This is Canary Wharf, centerpiece of the London Docklands redevelopment along the lower Thames River. It is Europe's largest urban renewal project.
BUSINESS
May 16, 1992 | TOM FURLONG, TIMES STAFF WRITER
Canary Wharf was touted as the largest urban renewal project in Europe, a "Wall Street on the water," the shining jewel in the crown of London's rebuilt waterfront. Instead, the 91-acre office and retail complex along the Thames River has been a costly millstone around the neck of Olympia & York, its Toronto-based developer. The firm has at least $2 billion invested in Canary Wharf--with little to show in return.
BUSINESS
June 3, 1992 | From Times Staff and Wire Reports
Canary Wharf Job Cuts Planned: The administrators of Olympia & York's Canary Wharf project said they will cut 44 jobs, or about 10% of the development's staff. The administrators, partners in the accounting firm of Ernst & Young, said further job cuts will be made, but were not specific. The administrators said 218 employees in property management will be maintained to fulfill commitments to existing tenants.
BUSINESS
July 8, 1992 | From Times Staff and Wire Reports
Britain May Buy O&Y Building: The British government might buy a building in the huge Canary Wharf office complex owned by Olympia & York Developments Ltd., sources close to talks between the government and court-appointed administrators said. The move could help salvage a plan to extend the London subway system to the Docklands area in East London.
BUSINESS
June 5, 1992 | From Reuters
Olympia & York Developments Ltd. staved off its first foreclosure in the United States on Thursday when a group of banks decided to delay seizing part of the collateral backing a $160-million loan that is in default, bankers said. The banks had planned to seize and auction a swap agreement, but after a last-minute discussion with O & Y, they decided to postpone the action until June 18.
BUSINESS
June 3, 1992 | From Times Staff and Wire Reports
Canary Wharf Job Cuts Planned: The administrators of Olympia & York's Canary Wharf project said they will cut 44 jobs, or about 10% of the development's staff. The administrators, partners in the accounting firm of Ernst & Young, said further job cuts will be made, but were not specific. The administrators said 218 employees in property management will be maintained to fulfill commitments to existing tenants.
BUSINESS
May 29, 1992 | WILLIAM TUOHY, TIMES STAFF WRITER
Construction at Canary Wharf, Europe's largest commercial development, shut down Thursday after the project's owners, Olympia & York Developments Ltd., sought to protect its holdings in the 71-acre development under British bankruptcy laws. The developer, owned by the secretive Reichmann brothers of Toronto, filed for bankruptcy protection May 14 for most of its Canadian assets, a move that did not directly affect properties in the United States or Britain.
BUSINESS
May 28, 1992 | From Reuters
Cash-strapped Olympia & York Developments Ltd. has asked a court to put its massive Canary Wharf office complex in London under bankruptcy protection, the company said Wednesday. Canary Wharf, Europe's largest commercial property complex, is a cornerstone of the O&Y empire controlled by the Toronto-based Reichmann brothers.
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