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OLYMPIA & YORK DEVELOPMENTS MEETS WITH LENDING BANKS AND PRESENTS DETAILED INFORMATION

 OLYMPIA & YORK DEVELOPMENTS MEETS WITH LENDING BANKS
 AND PRESENTS DETAILED INFORMATION
 TORONTO, April 13 /PRNewswire/ -- Officials of Olympia & York Developments Limited met here today with its approximately 100 lending banks and presented detailed information about the company's structure, operations in Canada, the U.S. and the U.K., and its current financial condition.
 Olympia & York told the bankers that, after adjusting all assets to long term fair value, shareholder equity in the company stood at C$8.1 billion as of Jan. 31, 1991. Due to declines in real estate and other assets since that time, current estimated shareholder equity stands at C$5.5 billion.
 Robert S. Miller, the James D. Wolfensohn Incorporated partner who is leading Olympia & York's team of financial advisors, said, "We are pleased with the response we've received from the banks with which we have had preliminary discussions. Today's meeting sets the tone and establishes the framework to work with the company's lenders to accomplish this debt restructuring. We believe that our lenders will be satisfied with the outcome of this process and the company will be a strong and viable one going forward."
 He added, "We will demonstrate that the potential value of this asset-rich company can be realized by continuing operations as a whole under the current management team."
 The company told the assembled lenders that it would immediately begin a series of meetings with individual bank groups to elicit support for the company.
 -0- 4/13/92
 /CONTACT: Frank Ternan, 416-862-5324, or Peter Rosenthal, 212-489-6900, or Georgia Gibbs, 44-71-495-4044, all of Olympia & York Developments Limited/ CO: Olympia & York Developments Limited ST: Ontario IN: SU:


SM-OS -- NY077 -- 7913 04/13/92 16:11 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
Words:281
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