OPI Pacific debenture holders no clearer about payment

Debenture holders of OPI Pacific Finance are no clearer about what they will recoup from the failed finance company after the third report from receiver Colin McLoy of PricewaterhouseCoopers.

The lender's complexity made it "extremely difficult" to estimate a return to secured debenture holders owed $198.4 million. The receiver has a claim worth A$418 million in the liquidation of Australian parent Octaviar, which agreed to cover losses relating to OPI Pacific loans under a put option.

In total, some 10,800 investors are owed about $256 million, though unsecured creditors are unlikely to get anything. McCloy said the firm, known as MFS Pacific Finance, is also unlikely to claw back anything from its $33.3 million loan book, or $20.9 million owed to subsidiary Opi Pacific Investment due to higher ranking creditors.