Having agreed with creditors to restructure $5 billion of debt, the U.S. subsidiary of the failed Olympia & York Developments of Toronto is emerging from bankruptcy-law protection under the new. The last piece of Olympia & York's former U.S. real-estate empire emerged from Chapter 11 with new owners, a cleaner balance sheet and some trophy New York properties. Jan 09, · On October 20, , Olympia filed a voluntary petition under chapter 11 before the United States Bankruptcy Court for the Eastern District of New York (the "Court"). The petition was signed by the Long Island, New York law firm of LaMonica Herbst & .
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Gordon Co. It's a big issue that they have to manage. Its growth reflected in part the Reichmann's aura of invincibility, which helped them secure huge bank loans while providing minimal financial disclosure. But the Reichmanns deserve a place among the all-time gamblers of modern business history," Andrew Sarlos, a Toronto financier and friend of the Reichmanns, wrote in his autobiography.
The Reichmanns first gained prominence with big construction projects in Toronto in the early s. They then earned a reputation as prescient market timers with their move into the New York market during the city's brush with bankruptcy in the late s, and later with the construction of the World Financial Center.
But the family's undoing came with Paul Reichmann's dream of creating a second financial center for London, in the derelict docks known as Canary Wharf. With the U. The name also lives on in the original Olympia Tile business. Creditors seized the company's Canadian properties and the one-third-completed Canary Wharf project in Britain.
As chairman of Canary Wharf, Mr. Reichmann is once again building his dream on the Thames River. All Rights Reserved. Skip to Main Content Skip to Search. Dow Jones, a News Corp company.
Retrieved September 21, Archived from the original on November 2, The Canadian Encyclopedia. Farnsworth May 20, New York Times. April 22, The New York Times. New York City. Retrieved October 26, Archived from the original on September 24, Canary Wharf. Riverside South 25 Churchill Place. Canary Wharf Crossrail Station. Rotherhithe-Canary Wharf Bridge. Category Commons. Categories : Defunct companies of Ontario Jewish Canadian history Companies that have filed for bankruptcy in Canada Real estate companies of Canada Brookfield Properties buildings Defunct real estate companies.
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