Campeau Fails to Pay Loan Interest: Campeau...
Campeau Fails to Pay Loan Interest: Campeau Corp., owner of department stores now in bankruptcy protection in the U.S., said it would not make about $5.2 million in interest payments on loans from two major lenders, throwing doubt on the survival of the parent company. Failure to pay the interest owed, due Wednesday under special arrangements made last week that extended Campeau’s payment deadline, means Campeau is now in default on the loans from Olympia & York Developments Ltd. and the Edward J. DeBartolo Corp.
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