REAL ESTATE

O&Y; Revises Its Debt Restructuring Plan: Olympia & York Developments Ltd., the world’s largest commercial property developer, is considering a new debt restructuring plan under which it would liquidate most of its Canadian assets, lawyers for O&Y;’s creditors said. The new plan would leave O&Y;’s owners, the Reichmann family, with a mere 10% of their Canadian holdings, and O&Y;’s major lenders would have the option to seize O&Y;’s Canadian assets. The plan comes after informal rejection of a proposal that would have given secured creditors an equity stake in companies controlling O&Y; assets.