Olympia York Developments Co Ltd

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.

Olympia & York Sells Park Ave. Building: Olympia & York has sold a 34-story office building in Manhattan to the Mutual of America life insurance company as part of the real estate developer's massive debt restructuring plan. Terms of the deal were not disclosed. The sale follows O&Y's announcement last week that it would sell to bondholders its 55 Water St. skyscraper.

Court OKs Deal To Fund Olympia's Restructuring: A judge has approved a plan for funding Olympia & York's huge restructuring and its Canadian operating costs through August, giving the insolvent developer room to move ahead with a financial reorganization. Under the plan approved Friday by Judge Robert Blair, Olympia & York Developments Ltd. will pay for much of these costs by selling about $58 million worth of assets that have no claims against them.

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.

Dozens of banks, facing massive write-downs on loans to Olympia & York Developments Ltd., are expected to be pushed in coming weeks to disclose how much money they are owed by the troubled property giant. O&Y filed for protection from creditors on its Canadian assets on May 14, listing debts of $12.5 billion on the 29 affected subsidiaries.

An Ontario judge Friday approved a plan by Olympia & York Developments Ltd. and its creditors to share general, administrative and restructuring costs--a move that should allow O&Y to proceed on the more important issue, its corporate restructuring plan. Justice Robert Blair approved the plan after O&Y and its creditors presented arguments in a half-hour court session. O&Y lawyer David Brown said the issue was resolved after court late Thursday by changing some language in the draft plan.

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.

An Ontario judge Friday approved a plan by Olympia & York Developments Ltd. and its creditors to share general, administrative and restructuring costs--a move that should allow O&Y to proceed on the more important issue, its corporate restructuring plan. Justice Robert Blair approved the plan after O&Y and its creditors presented arguments in a half-hour court session. O&Y lawyer David Brown said the issue was resolved after court late Thursday by changing some language in the draft plan.

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.

Dozens of banks, facing massive write-downs on loans to Olympia & York Developments Ltd., are expected to be pushed in coming weeks to disclose how much money they are owed by the troubled property giant. O&Y filed for protection from creditors on its Canadian assets on May 14, listing debts of $12.5 billion on the 29 affected subsidiaries.