OTHER NEWS - April 22, 1992

Possibility of Olympia & York Bankruptcy Raised: Olympia & York Developments Ltd. may end up in U.S. bankruptcy court if it fails to raise about $260 million in financing from a reluctant group of lenders, sources said. The company, owned by the Reichmann brothers of Canada, has been unable to pay interest on some of its $12.1-billion debt. It asked bankers April 13 to restructure about a third of the debt. “The company remains confident that the banks will continue to support” it, an Olympia & York spokesman in New York said. But an official of one of the London banks that has bankrolled the Toronto developer said, “We are not going to write blank checks or get further into this thing without seeing how it is all going to end.”