'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).Reuse content