O&Y's Nightmare On Wall Street

The headache of overhauling Olympia & York is about to reach migraine proportions. The troubled real estate empire, once controlled by Toronto's Reichmann family, is now restructuring its U.S. unit's $5 billion debt, mainly on New York office buildings. Talks between the company and creditors, who won't comment, next turn to O&Y's three World Financial Center towers--and this won't be pretty.

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