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David Chaplin
David Chaplin
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Octaviar agreement to free up cash for OPI

Thursday 18th of December 2008

Under the DOCA, Octaviar's New Zealand subsidiary, OPI Pacific, could receive a maximum interim payout of just under A$32 million, well short of its claim of A$370 million but about A$10 million more than would have been paid out if the company went into liquidation, according to the Deloitte administrators report published last week.

Further payments to creditors would be contingent on the sale of OCV's underlying assets – primarily the 35% stake in the Stella travel group, the administrator report says.

However, OPI Pacific's claim on Octaviar has not been finalised by the DOCA. “The mechanism for dealing with any claim by [OPI Pacific], and the amount of that claim, is to be discussed between [OPI Pacific] and the administrators,” the report says.

In its report, Deloitte says Fortress would agree to a reduced payment of $25 million of its secured claim if its DOCA was accepted.

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FMA outlines its latest expectations for advisers
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6 hours ago Steve Wright
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