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By New York Times News Service | April 14, 1992
TORONTO -- Embattled Olympia & York Developments Ltd., declaring itself cash-poor but asset-rich, called on its bankers yesterday to defer interest and principal payments on billions of dollars of debt over the next three months.It also chose Gerald Greenwald, a former Chrysler executive, as its new president to lead it through a restructuring.The highly secretive real estate company, the biggest commercial landlord in North America, held an unprecedented meeting with representatives from nearly 100 banks in a hotel ballroom here.
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BUSINESS
May 18, 1994
Blinder discusses jobless rateThe U.S. unemployment rate could decline to about 6 percent from the current 6.4 percent without igniting inflation, Alan Blinder, President Clinton's nominee to the Federal Reserve Board, said yesterday.That position puts him at odds with some analysts, who contend that a 6.4 percent rate is a "natural" rate and that any further reduction in the jobless rate would cause inflation to accelerate.His comments came in written responses to questions from the Senate Banking Committee.
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BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | April 1, 1992
Olympia & York Developments Ltd., the debt-laden Canadian developer, failed yesterday in its attempt to get a syndicate of banks to agree to extend by one year a $450 million loan that comes due today.Olympia & York also indicated yesterday that it had enough cash on hand to retire the portion of a $300 million commercial-paper program that matures today. The $300 million program was used to finance the Exchange Tower in Toronto.The company had been trying to get the bank lenders of the $450 million loan to agree not to seize the loan's collateral, Scotia Plaza, a 68-story tower in Toronto's financial district.
BUSINESS
September 3, 1992
Stocks post narrow gainsThe stock market showed a narrow gain in early trading today as investors waited out the latest news on jobs.The Dow Jones average of 30 industrials rose 1.62 points to 3,291.93 in the first half hour of trading.The Labor Department is due to report tomorrow morning on the employment situation in August.Analysts expect the data to show a strong gain in nonfarm payroll employment, which has been a focal point of worries for months now about the progress of economic recovery.
BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | May 16, 1992
After fighting a losing battle to avoid bankruptcy in Canada, Olympia & York Ltd., the world's largest real estate developer, continued pressing its lenders to allow it to control its prized properties in New York and London.Olympia & York's strategy is to try to keep control of as much of the empire as possible to lay a foundation for a restructured and financially viable company, all accomplished without the complexities and risks of a lengthy bankruptcy proceeding in the United States that could take control of Olympia & York out of the hands of the Reichmann family of Toronto.
BUSINESS
By Clyde H. Farnsworth and Clyde H. Farnsworth,New York Times News Service | March 28, 1992
TORONTO -- Representatives of Olympia & York Developments Ltd., the holding company for the financially troubled real estate empire of the Reichmann brothers, met with about 20 of the company's largest lenders yesterday and asked the banks to roll over the hundreds of millions of dollars of debt that will mature in the next 10 days, the company said.Olympia & York has been caught in a cash squeeze that has left it unable to repay or refinance enormous amounts of real estate debt coming due this year.
BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | May 15, 1992
Olympia & York Developments Ltd., the world's largest real estate development company, whose office towers have altered skylines in New York, London and throughout Canada, filed for the equivalent of bankruptcy protection in a Toronto court last night after three months of negotiations with lenders collapsed, bankers and other people close to the company said.Olympia & York would be the biggest company ever to file for bankruptcy protection in Canada. Analysts and bankers have long expressed a fear that if the company was forced to file for bankruptcy, the world's financial and property markets would be roiled.
BUSINESS
By Richard O'Mara and Richard O'Mara,London Bureau | May 29, 1992
LONDON -- It rises like an exclamation point on the east end of this low-slung city, up into the smog from Isle of Dogs, a thumb of land jutting into the Thames.The men who run the riverboat tours down to Greenwich always call attention to Canary Wharf and to the tower at its center, 1 Canada Square. It is the tallest in Europe, they say.It may also be one of the emptiest. And it could become emptier still, now that the bankers financing Canary Wharf have decided they have given enough.They made their decision Wednesday after considering a request to lend nearly $1 billion more to the project's developer, Olympia & York Developments Ltd., a Toronto-based developer that has sought bankruptcy protection for most of its Canadian assets.
NEWS
By DAN BERGER | March 30, 1992
The Champ is facing his toughest challenge.If New York Democrats reject Clinton, they ought to go back to New Hampshire and start over.Olympia & York, the Canadian property mega-developer, is losing money and may be forced to sell Nova Scotia.When they start cutting the National Guard, they are getting close to home.
NEWS
By DAN BERGER | May 18, 1992
Spotted owls don't vote.Olympia & York has more debt than a Third World country. Which says tons about the banks that lent to both.If the Serb leaders can't have Yugoslavia, no one can."Murphy Brown" tells teen-agers it's OK to have a baby out of wedlock -- when they are over 40 and making $1 million-up a year.
BUSINESS
By Bloomberg Business News | June 26, 1992
WHITE PLAINS, N.Y. -- Texaco Inc. told its employees #F yesterday that it will delay indefinitely moving its London offices to Olympia & York Development Ltd.'s troubled Canary Wharf project.Texaco said it decided to postpone the move because of questions surrounding Canary Wharf's future. The project and its developer, Olympia & York Developments Ltd. of Toronto, are operating under bankruptcy protection.The oil company's Texaco Ltd. subsidiary had planned to move all 1,000 employees at its headquarters in the London suburb of Knightsbridge to Canary Wharf Aug. 17, said Sandy Walkington, a Texaco spokesman in New York.
NEWS
By DAN BERGER | May 29, 1992
Quick. Get your Perot bumper sticker before the bubble bursts.Crab shortage! Must be Don's fault.Olympia & York looked at London's docklands and said "Build it, and they will come," and they didn't.No one will trade with Serbia, which will take what it needs from Croatia and Bosnia.The House of Representatives has passed a bill requiring the invention of a better light bulb.L What if pirates invaded the Inner Harbor and no one noticed?
BUSINESS
By Richard O'Mara and Richard O'Mara,London Bureau | May 29, 1992
LONDON -- It rises like an exclamation point on the east end of this low-slung city, up into the smog from Isle of Dogs, a thumb of land jutting into the Thames.The men who run the riverboat tours down to Greenwich always call attention to Canary Wharf and to the tower at its center, 1 Canada Square. It is the tallest in Europe, they say.It may also be one of the emptiest. And it could become emptier still, now that the bankers financing Canary Wharf have decided they have given enough.They made their decision Wednesday after considering a request to lend nearly $1 billion more to the project's developer, Olympia & York Developments Ltd., a Toronto-based developer that has sought bankruptcy protection for most of its Canadian assets.
NEWS
By DAN BERGER | May 20, 1992
What's happening in Bangkok is another Tiananmen Square, except that this time the hated regime is our ally.You can hardly blame your local bank for throwing deposits at commercial real estate no one wanted, after you see the big boys risking the works on Olympia & York.Mark McGwire is hitting so many home runs that in future years, people are going to say, "Babe Who?"Lawrence Welk is going to direct the Heavenly Choir in the foxtrot.
NEWS
By DAN BERGER | May 18, 1992
Spotted owls don't vote.Olympia & York has more debt than a Third World country. Which says tons about the banks that lent to both.If the Serb leaders can't have Yugoslavia, no one can."Murphy Brown" tells teen-agers it's OK to have a baby out of wedlock -- when they are over 40 and making $1 million-up a year.
BUSINESS
By Donald Woutat and Donald Woutat,Los Angeles Times | May 16, 1992
TORONTO -- The bankruptcy filing by Olympia & York might well keep alive the world's largest real estate company, but it represents a once-unthinkable descent for one of the most mysterious and successful business enterprises of modern times.The Reichmann brothers, Paul, Ralph and Albert, offspring of World War II refugees from Europe who settled here in the 1950s, turned a small family tile-importing business into a huge, privately held empire in real estate, oil and timber once valued at $31 billion.
BUSINESS
By Bloomberg Business News | June 26, 1992
WHITE PLAINS, N.Y. -- Texaco Inc. told its employees #F yesterday that it will delay indefinitely moving its London offices to Olympia & York Development Ltd.'s troubled Canary Wharf project.Texaco said it decided to postpone the move because of questions surrounding Canary Wharf's future. The project and its developer, Olympia & York Developments Ltd. of Toronto, are operating under bankruptcy protection.The oil company's Texaco Ltd. subsidiary had planned to move all 1,000 employees at its headquarters in the London suburb of Knightsbridge to Canary Wharf Aug. 17, said Sandy Walkington, a Texaco spokesman in New York.
NEWS
By DAN BERGER | May 29, 1992
Quick. Get your Perot bumper sticker before the bubble bursts.Crab shortage! Must be Don's fault.Olympia & York looked at London's docklands and said "Build it, and they will come," and they didn't.No one will trade with Serbia, which will take what it needs from Croatia and Bosnia.The House of Representatives has passed a bill requiring the invention of a better light bulb.L What if pirates invaded the Inner Harbor and no one noticed?
BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | May 16, 1992
After fighting a losing battle to avoid bankruptcy in Canada, Olympia & York Ltd., the world's largest real estate developer, continued pressing its lenders to allow it to control its prized properties in New York and London.Olympia & York's strategy is to try to keep control of as much of the empire as possible to lay a foundation for a restructured and financially viable company, all accomplished without the complexities and risks of a lengthy bankruptcy proceeding in the United States that could take control of Olympia & York out of the hands of the Reichmann family of Toronto.
BUSINESS
By Richard D. Hylton and Richard D. Hylton,New York Times News Service | May 15, 1992
Olympia & York Developments Ltd., the world's largest real estate development company, whose office towers have altered skylines in New York, London and throughout Canada, filed for the equivalent of bankruptcy protection in a Toronto court last night after three months of negotiations with lenders collapsed, bankers and other people close to the company said.Olympia & York would be the biggest company ever to file for bankruptcy protection in Canada. Analysts and bankers have long expressed a fear that if the company was forced to file for bankruptcy, the world's financial and property markets would be roiled.
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