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O&Y: It's The Reichmanns' Loss


In Business This Week

O&Y: IT'S THE REICHMANNS' LOSS

Toronto's Reichmann family is almost sure to lose control of giant Olympia & York Developments. The question is when. Under a plan submitted by the Reichmanns in Canadian court on Oct. 28, they would cede 90% mf O&Y's Canadian arm to creditors over three to five years. Under a separate plan, the Reichmanns would offer creditors 49% of their U.S. holdings.

Even those concessions may not be enough, however. Canadian and U.S. debtholders, including Prudential Insurance, may hold out for better terms.EDITED BY HARRIS COLLINGWOOD


The Aging of Abercrombie & Fitch
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