The receivers for OPI Pacific Finance Ltd (in receivership) (“PAC”) (formerly MFS Pacific Finance) wrote to investors on 8 June with an update.

Effectively, things are still chugging along at glacial pace and there is no change since their last update. They will next report to investors in December 2011.

PAC has two A$418m claims against Octavier and OCVA (both in liquidation) in respect of the Put Option and the mismanagement of PAC’s loans. There is still no confirmation from the liquidators in respect of these claims.

Octavier and OCVA don’t have enough money to pay all their debts in full, including those to PAC.

There is also “a dispute regarding priority ranking in respect of certain debts and proceedings are in place regarding this matter.” What that means is that some people owed money are arguing they should be paid out before other people, and it’s now being argued before the Courts.

Until that’s resolved, the liquidators can’t say how much is available to pay out.

On 22 December 2010 there was a payout of 1.67 cents in the dollar to secured debenture holders. That brought the total return since the start of the moratorium to 23.86 cents in the dollar.

Tags: MFS Pacific Finance, Octavier, OCVA, OPI Pacific Finance, PAC

This entry was posted on Monday 13th June 2011 and is filed under OPI Pacific. Both comments and pings are currently closed.