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OLYMPIA & YORK NAMES THOMAS JOHNSON AS PRESIDENT; APPOINTS FINANCIAL ADVISORS TO LEAD DEBT RESTRUCTURING EFFORT

 OLYMPIA & YORK NAMES THOMAS JOHNSON AS PRESIDENT;
 APPOINTS FINANCIAL ADVISORS TO LEAD DEBT RESTRUCTURING EFFORT
 TORONTO, March 24 /PRNewswire/ -- Olympia & York Development Ltd. today named Thomas S. Johnson, the former president of Manufacturers Hanover Trust Company, New York, to the post of president. The announcement was made by Paul Reichmann of Olympia & York, who said: "The addition of Tom Johnson to our executive management team enhances the company's ability to meet its current financial challenges."
 "Olympia & York is the premier real estate development and management firm in the world and controls a portfolio of assets that is unparalleled in its quality and strength," said Johnson. "I am very excited by the opportunity that this position offers and I look forward to helping the firm accomplish its long-term objectives."
 O&Y also announced that it has selected J.P. Morgan & Co., Incorporated, James D. Wolfensohn, Inc., and Burns Fry, Ltd. to serve as financial advisors to the company on its debt restructuring. In addition, Robert S. (Steve) Miller, former vice chairman of Chrysler Corp. and partner in Wolfensohn, will devote substantially all of his time to this effort.
 The company also said that a planning and finance committee had been formed to guide the company through the restructuring process. Johnson will serve as chairman of the committee and Miller will serve as its vice chairman. The other members are John Zuccotti, president and CEO of Olympia & York (USA); Michael Dennis, managing director of the company's U.K. activities; and Gil Newman, executive vice president of Olympia & York Developments Ltd. (Toronto).
 "Our company remains fully committed to the completion of its Canary Wharf project in London and is confident that the development will be a success," Reichmann said. "Over the past three decades, Olympia & York has created tremendous value and has built a substantial net worth. When completed, this debt restructuring will take us through the current period of global recession in the real estate industry."
 The company indicated that the new planning and finance committee and its advisors will immediately begin discussions with its worldwide lenders.
 -0- 3/24/92
 /CONTACT: Peter Rosenthal of Howard J. Rubenstein Associates, Inc., 212-489-6900, for Olympia & York/ CO: Olympia & York Developments Ltd. ST: Ontario IN: SU: PER


AH-TQ -- NY056 -- 1236 03/24/92 16:20 EST
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Publication:PR Newswire
Date:Mar 24, 1992
Words:381
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