O&Y Offers A Deal To Its Creditors

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.

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