OTHER NEWS - Aug. 7, 1992
From Times Staff and Wire Reports
O & Y to Sell Some Holdings in Restructuring: Olympia & York Developments Ltd. will sell its stakes in several companies to pay off creditors under a bankruptcy restructuring plan due to be filed by Aug. 21, the troubled property giant said. O & Y’s non-core holdings in Home Oil Co., GW Utilities Ltd., Camdev Corp. and Stanhope Properties are among those that will go on the selling block, according to a progress report filed in an Ontario, Canada, court. Officials at the world’s biggest commercial property developer said it was difficult to assess the value of the securities that would be sold over a period of years. But the loans secured against the holdings total around $600 million, an official said.
