Banks are threatening to seize the troubled Canary Wharf project in London and shut it down until business conditions improve.

"You could freeze it at relatively little cost and spend money when there was a prospect of a payback," said a senior banker familiar with the troubled east London business center, owned by Olympia & York Developments Ltd.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.