OPI Pacific Finance placed in receivership from moratorium

OPI Pacific Finance placed in receivership from moratorium

"The trustee's opinion is that a receivership is now appropriate and in the best interests of OPI's investors," Lancaster said. "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." PwC Partner Colin McCloy said: "We're 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. In the meantime we've set up a dedicated help line and web page to allow investors to ask questions and find out more information." The web page is here, and the phone number is (09) 355 8053.

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