OPI Pacific Finance Limited, a finance company that still owes $257 million to small investors, has been placed in receivership by its trustee.
Perpetual Trust, acting for OPI's debenture holders and unsecured noteholders has appointed Colin McCloy and Maurice Noone of PricewaterhouseCoopers as receivers. OPI has been in a moratorium since May last year.
OPI's secured debenture holders have so far been repaid 22.17 cents in each dollar they were owed, while the unsecured note holders have not got anything.
Around $257 million is still owed to both groups - $200 million to the debenture holders ands $56.7 million to the noteholders.
In an announcement released this morning, Matthew Lancaster, head of corporate trust at Perpetual Trust said the decision to appoint receivers followed an order from the Supreme Court of Queensland, saying that Octaviar Limited, over which OPI had a put option, be put into liquidation.
"The trustee's opinion is that a receivership is now appropriate and in the best interests of OPI's investors," said Lancaster.
"In May 2008, OPI received an upfront part payment of A$20m from Octaviar in respect of its put option liability to OPI and this was distributed to secured debenture holders following the approval of the moratorium," he said.
"The receivers will investigate whether it will be possible to obtain any further payment from Octaviar as well as from other parties. PwC, through their role as OPI's monitoring accountant, already have a wide knowledge of its affairs, which is a benefit," said Lancaster.
PwC partner Colin McCloy said he was now "working with the company and the trustee to review the situation, but it's still to early to offer detailed information. However, we will send all investors a report as soon as possible."
-NZ HERALD STAFF
A website and phone helpline: 09-3558053 has been set up by receivers PwC.
