Hoping to stay out of Chapter 11, Olympia & York Developments is proposing to sell some U.S. properties. But under a plan presented to its U.S. lenders, O&Y would retain most of its nearly 30 million square feet of U.S. office space. The buildings earmarked for sale are mostly outside New York City, where O&Y is the largest commercial landlord.

O&Y also is negotiating with creditors involved in its Canadian bankruptcy reorganization. On June 24, it offered to sell various assets to cover its operating and restructuring costs. But some creditors object to having to fund those costs until the assets are sold.

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