18 Sep 2009

OPI Pacific Finance in receivership

3:33 pm on 18 September 2009

OPI Pacific Finance has been put into receivership by its trustee, owing $257 million to investors.

Perpetual Trust ended a moratorium that had been in place since last year. OPI follows its Australian-based parent, Octavier, being placed in liquidation in July.

Secured debenture holders have been repaid just over 22 cents in the dollar. They are still owed about $200 million, while unsecured noteholders have received nothing of the $56.7 million they are owed.

Kapiti-based stockbroker Chris Lee says investors are unlikely to get anything more.