O&Y's debt plan backed

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OLYMPIA & York, the embattled Canadian property company and developer of the huge Canary Wharf project in London's Docklands, has won approval from creditors for its debt restructuring plan.

'I'm happy we've passed this milestone,' said David Brown, a lawyer representing O&Y.

On 14 May last year, O&Y and 28 Canadian subsidiaries filed for protection from creditors. In the US, O&Y and four Canadian subsidiaries filed for Chapter 11 bankruptcy protection, although the group's US division has so far managed to avoid a Chapter 11 filing.

Two weeks later, O&Y lost its Canary Wharf development, which was placed in the hands of British court administrators.

O&Y's worldwide debt totals around Cdollars 13.7bn ( pounds 7.8bn).