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OPI (aka MFS) finally succumbs to receiver

OPI Pacific Finance, formerly MFS Pacific Finance, has been dealt the death blow. After 16 months sitting on moratorium row, the receivers have finally been called in.

Wednesday, 16 September 2009

by Paul McBeth

The receivers have finally been called in for OPI Pacific Finance, formerly MFS Pacific Finance, after more than a year of the failed finance company sitting in moratorium, and along with the usual functions, will look into any future dealings with the company's ailing parent.

Trustee Perpetual Trust appointed PricewaterhouseCooper's Colin McCloy and Maurice Noone as the finance company's receivers on Tuesday, ending the 16-month moratorium. McCloy and Noone will file their first report on the business on November 26.

Along with "completing the release of OPI's remaining assets, they will be able to investigate any further payments from Octaviar," the finance company's Australian parent company, said Matthew Lancaster, head of corporate trust at Perpetual Trust.

OPI investors have been paid 22.17 cents in the dollar, with secured debenture holders still owed $200.1 million and unsecured noteholders $56.7 million. At the time of moratorium, the New Zealand firm owes $256.7 million to secured debenture holders and a further $56.7 million to unsecured noteholders.

In March this year, the Brisbane Supreme Court upheld a claim by Public Trustee of Queensland, another creditor of Octaviar, that Fortress Credit Corp. and other entities Octaviar had entered formal agreements with were not the only secured creditors.

Under a put option, Octaviar agreed to cover losses relating to OPI Pacific loans, which the group said, if exercised at the time of the moratorium would currently amount to only $43.4 million.

While OPI told investors at the time of moratorium that they should recover their capital under its three-year plan, it did not guarantee any future payments.

 

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