OPI Pacific Finance In Receivership

Media release

OPI Pacific Finance In Receivership

OPI Pacific Finance Limited (‘OPI’) was placed in receivership on 15 September 2009 by Perpetual Trust, the trustee for OPI’s secured debenture holders and unsecured note holders. This ends the moratorium arrangement that has been in place since May 2008.

Perpetual Trust has appointed Colin McCloy and Maurice Noone of PricewaterhouseCoopers ('PwC') as receivers.

To date OPI’s secured debenture holders have been repaid 22.17 cents in the dollar. Unsecured note holders have not received any payments. The balance owing to OPI’s secured debenture holders amounts to approximately $200.1 million and $56.7 million to unsecured note holders.

“The decision to appoint receivers follows the Supreme Court of Queensland’s order 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 Matthew Lancaster, Head of Corporate Trust at Perpetual Trust.

“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.

“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 Mr Lancaster.

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.”

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