OTHER NEWS - April 2, 1992

Olympia & York, Banks Fail to Reach Agreement: Olympia & York Developments Ltd. and its banks failed to reach a formal agreement on a $370-million first mortgage loan that matured Tuesday, but the troubled company appears to have avoided for now a confrontation with its lenders. A lender familiar with discussions said “cooler heads are prevailing” and that talks with O&Y; would continue. The company has asked its banks to extend its loans that come due this week, pending a debt restructuring meeting with its lenders Monday. The mortgage is secured by O&Y;’s Scotia Plaza, a 68-story office tower in downtown Toronto.