REAL ESTATE

O&Y; Alters Debt-Restructuring Plan: Olympia & York has been forced to alter its debt-restructuring plan because the original proposal angered major creditors concerned about ending up with less than if they had forced the world’s biggest property developer into bankruptcy. Toronto-based O&Y; was to go before an Ontario bankruptcy court Monday for permission to alter the rescue plan, according to a newspaper report. The main selling point of the new deal is that creditors will be free to claim their collateral at any time. O&Y; is also trying to restructure its U.S. property holdings, which have not fallen under court protection. The firm sought $7 billion in bankruptcy court protection May 14 for 28 Canadian companies and five U.S. affiliates.