Olympia and York, the world's biggest commercial landlord, filed for protection from its creditors in Canada and the United States. The company had been trying for two months to restructure 14.3 billion dollars in debt. The giant real estate developer made its bankruptcy filings under Canada's Companies Creditors Arrangement Act, and under Chapter 11 of the US bankruptcy code. The moves would protect O-and-Y's assets while it continued negotiations with 91 banks to restructure its debt. Steve Miller, Olympia and York's chief debt negotiator, said the filing gave the company time to focus on long-term development.

Date: 1992-05-15
Placeline: LONDON, United Kingdom.
Source: The Canadian Press
Length: 20 seconds

Transcript Prediction: << Olympian York is a continuing in business if I could make an analogy for you it's as though you're walking down the street you noticed that it's raining you open your umbrella and you keep going the company creditors Arrangement act filing in Canada is the equivalent of opening the umbrella we are still moving forward >>

Earbank_1992-05-15_O-and-Y_5046