REAL ESTATE

Talks Begin Between Olympia & York and Bankers: The banks that jostled to lend the Reichmann brothers billions of dollars in the 1980s will preside over talks today to restructure Olympia & York Developments Ltd.’s mountain of debt. The privately held property giant is expected to open its books to officials from nearly 100 banks from around the world and present an interim plan to reschedule its payments. O&Y;, which transformed the skyline of downtown Toronto, southern Manhattan and London’s docklands, faces debts of as much as $20 billion. Since March 21, when O&Y; said it faced a “liquidity crisis,” the company has missed payments totaling more than $500 million. The bankers will be eager to see O&Y;’s liabilities, cash-flow projections and estimates of the value of their depressed assets. Many analysts said the banks will likely prop up the Reichmann brothers until the economy turns.