REAL ESTATE
From Times Staff and Wire Reports
Olympia Emerges From Bankruptcy: Olympia & York Developments emerged from Canadian bankruptcy protection as a shell of its former self. An Ontario bankruptcy court approved a plan to restructure Olympia’s massive debt, ending eight months of Canadian court protection for the financially troubled developer. The court also appointed an administrator to manage the dismantling of the Canadian operations of what was once the world’s largest real estate developer. Over the past month, the plan won approval from an overwhelming majority of secured and unsecured creditors spanning the globe that are owed about $6.2 billion by the Reichmann family business.
