Skip to content.
25 May - 12:57 am NZ
Updated at 7:40 pm on 24 May 2012
The cash-strapped Otago Rugby Union has negotiated a settlement with all of its creditors which it says will be in place by the end of the month.
Liquidation loomed for the Otago union in March, with debts of $2.35 million and unable to pay players' wages and administrative staff or their bills.
The terms of the rescue package, which include a long-term $500,000 from the New Zealand Rugby Union, meant the directors had to resign. A new board has now been appointed.
Newly appointed chairman Doug Harvie says creditors who're owed less than $5000 will get everything they're owed, while others will get $5000 plus half of what they're owed above that.
Dunedin City Council has written off the $480,000 it's owed.
Mr Harvie says under a reworked financial plan the union's forecasting a modest surplus for this financial year and for the following two years.
Copyright © 2012, Radio New Zealand
Audio is categorised based on the frequency of the programme it was heard in. Click on the headings below to access the programmes. For the most recently published audio, go to the latest audio page.
Streams are in Windows Media format. Mac and Linux users may need to install additional software. Get help with audio
A selection of music interviews, reviews, videos, concerts, sessions, and performances.
Downloads and podcasts are available for selected programmes. Our podcast page has a complete list of feeds.
Help on using online audio: formats, software, podcasts, downloading, and troubleshooting.