REAL ESTATE

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. In addition, creditors have agreed that Olympia & York can start charging fees for managing buildings and its stock portfolio and use the funds to pay some administrative and restructuring costs. Fierce disagreement over payment of a $34-million bill to keep O&Y; afloat through October has repeatedly delayed the company’s restructuring talks in Canada.