BANKING & FINANCE - March 31, 1992
From Times Staff and Wire Reports
Banks to See Olympia & York Books: Some of the world’s premiere banks, which loaned millions to Olympia & York of Toronto, will discover the extent of the troubled property giant’s problems when they get their first glimpse at its books April 6, a company official said. Creditors for O&Y;, the world’s largest commercial real estate landlord, gave the company 10 days’ grace Friday on the millions of dollars in loan payments due. Tumbling property values, a commercial real estate glut, North America’s sluggish economy and the cash drain from the unfinished Canary Wharf project in London are making it tough for O&Y; to keep abreast of payments on its debt, estimated to total as much as $20 billion.
