Olympian depths
Article Abstract:
Canadian real estate firm Olympia and York is insolvent, and its London, UK, office project at Canary Wharf is in deep financial trouble. Some forecasters think civil service offices may be moved and a new subway line built to Canary Wharf, but with the whole office market in London depressed this is unlikely.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1992
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Slipping: Olympia & York
Article Abstract:
Olympia and York is in troubled financial condition and asked its bank for a large cash influx, which was refused. A second request is pending. Other creditors have foreclosed, and O&Y's investor relations are shaky. Bondholders have issued an ultimatum for payment, threatening to take control of collateral.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1992
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For want of half a billion
Article Abstract:
Canary Wharf was denied the half billion pounds it needed by its bank lenders. It now has a court-appointed administrator, who will have to find a way to repay creditors within 90 days. The question is now whether the government will lease the empty office space for public employees as a sort of bailout.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1992
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