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OLYMPIA & YORK DEVELOPMENTS MEETS WITH ITS LARGEST LENDERS

 OLYMPIA & YORK DEVELOPMENTS MEETS WITH ITS LARGEST LENDERS
 TORONTO, March 27 /PRNewswire/ -- The management of Olympia & York Developments Limited met today with a number of its largest lenders. Paul Reichmann and Thomas Johnson, Olympia and York's new president, addressed the meeting and introduced Olympia & York's new financial advisors. They described in general terms the current financial situation and the process by which management is addressing it.
 Major lenders were asked to attend another meeting on April 6. At this meeting, information will be made available outlining the financial picture of the company. The company indicated to the banks that it would work to develop an interim plan to be discussed with them on April 6.
 In the meantime, lenders who have principal obligations maturing prior to that date are being asked to roll over those maturities.
 The company announced to the group that it was in the process of forming a bank advisory committee, co-chaired by Canadian Imperial Bank of Commerce, Citibank, and Hongkong & Shanghai Banking Corporation. Other banks are being invited to join the committee.
 -0- 3/27/92
 /CONTACT: Peter Rosenthal of Howard J. Rosenthal Associates, 212-489-6900/ CO: Olympia & York Developments Limited ST: Ontario IN: SU:


PS-AH -- NY069 -- 2566 03/27/92 17:55 EST
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Publication:PR Newswire
Date:Mar 27, 1992
Words:207
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