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Olympia York Development Ltd

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BUSINESS
September 20, 1989 | MARTHA GROVES, Times Staff Writer
After more than a week of tense negotiations, Campeau Corp. said Tuesday that it finally has secured a $250-million loan that will bail out its cash-starved U.S. retailing companies. In exchange for the infusion, the wealthy Reichmann brothers of Canada and their Olympia & York Developments, as expected, gain control of the retailing units and will oversee Campeau's previously announced overhaul, including the sale of the glitzy Bloomingdale's chain.
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NEWS
May 15, 1992 | VICTOR F. ZONANA, TIMES STAFF WRITER
Olympia & York Developments Ltd., the world's largest real estate company, which has been staggered by a global economic slowdown and property slump, filed for court protection under Canadian bankruptcy laws Thursday night after failing to refinance $12 billion in bank loans. The Toronto court filing is one of the largest bankruptcy actions ever and could ripple through world financial and real estate markets and strain the resources of major banks that made huge loans to the firm.
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BUSINESS
April 8, 1992 | From Times Staff and Wire Reports
Olympia & York Misses Loan Payment: The world's biggest commercial landlord said it had missed a payment on an $800-million bond obligation secured by a prized Manhattan office tower. The Canadian company, which is believed to owe $18 billion, confirmed through a spokesman in a story in the Wall Street Journal that it failed to make the $62-million payment on March 25. O&Y disputed the assertion that it was in default, since there is a grace period for payment, which expires sometime next week.
BUSINESS
May 14, 1992 | From Times Staff and Wire Reports
Morgan Foreclosing on Olympia & York Asset: A bank group led by J. P. Morgan & Co. said it is foreclosing on a delinquent loan to Olympia & York, but the move so far hasn't set off a scramble by others to seize the developer's assets. The action cast a pall over Olympia & York's restructuring plan announced last week in London.
BUSINESS
May 8, 1992
Olympia Offers Equity for Debt Freeze: Cash-strapped Canadian real estate giant Olympia & York Developments Ltd. said it offered its lenders up to a 20% stake in the company in return for more lenient repayment terms on its $12-billion debt. The plan would turn the secretive company into a publicly traded company within seven years. Toronto-based O&Y, controlled by the Reichmann brothers, asked lenders to defer principal payments for five years.
BUSINESS
May 2, 1992 | From Reuters
Canadian property giant Olympia & York Developments Ltd. won a short breathing space Friday as its creditors agreed to lend it enough money to keep London's huge Canary Wharf development afloat for one week. "The banks have agreed to provide 5 million pounds ($8.8 million U.S.) to Canary Wharf. It will be available from today," said an official at a leading bank involved in the London Docklands project.
BUSINESS
March 6, 1990 | From Staff and Wire Reports
Campeau Corp. officials won a brief reprieve Monday from two of the firm's major lenders and continued to work on plans to keep the troubled Toronto real estate and retailing company afloat. Campeau's two big U.S. department store divisions, Federated Department Stores and Allied Stores, already have filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.
BUSINESS
September 21, 1990 | From Associated Press
Plans by the world's largest commercial developer to sell a 20% stake in the vast U.S. properties it amassed over more than a decade are confirming worries throughout the industry that conditions could get worse. The Reichmann family of Toronto, which owns Olympia & York Developments Ltd., is seeking a single partner to acquire the stake, valued anywhere from $200 million to $800 million, industry sources said Thursday.
BUSINESS
May 9, 1992 | From Times Staff and Wire Reports
Olympia & York Gets a Reprieve: The Toronto-based developer's Canary Wharf project in London averted collapse when the company persuaded lenders to provide an extra $38 million to keep the development going while an overall debt restructuring is negotiated. The extra financing, which Olympia & York said will cover "the coming weeks," was agreed to at the last minute, took days to negotiate and fell short of the developer's requests.
BUSINESS
May 2, 1992 | From Reuters
Canadian property giant Olympia & York Developments Ltd. won a short breathing space Friday as its creditors agreed to lend it enough money to keep London's huge Canary Wharf development afloat for one week. "The banks have agreed to provide 5 million pounds ($8.8 million U.S.) to Canary Wharf. It will be available from today," said an official at a leading bank involved in the London Docklands project.
BUSINESS
April 11, 1992 | From Times Staff and Wire Reports
More Changes at Olympia & York: A reshuffling of the top ranks of property giant Olympia & York Developments Ltd. may signal that the firm will make stiff demands on its nearly 100 creditor banks when it opens its books Monday. Steve Miller, who guided Chrysler Corp. through near-bankruptcy in the 1980s, appears to have taken a more prominent role as head of the company's debt restructuring committee.
BUSINESS
April 7, 1992 | From Reuters
Hong Kong property tycoon Li Ka-shing said Monday that he is interested in buying assets of Olympia & York Developments Ltd., the Canadian real estate company scrambling to pay its debts. "We are interested in some of Olympia & York's assets but we have not come up with any solid plans," Li was quoted as saying in a statement. Li, reportedly worth nearly $3 billion, was unavailable for further comment.
BUSINESS
April 3, 1992 | From Associated Press
Olympia & York Developments Ltd. said Thursday that it has set aside about $147.3 million from the sale of its stake in a pipeline company to pay off short-term debt. The huge Canadian real estate concern also said it has rescheduled for April 13 formal talks with creditor banks on restructuring its $18-billion debt. The talks had been slated to begin Monday.
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