Octaviar Goes Into Voluntary Administration |
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Written by Marc Pallisco
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Monday, 15 September 2008 |
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Eight months after Octaviar shares were suspended from trading on the Australian Stock Exchange, and the company was rebranded from MFS, the troubled investor and funds manager has gone into voluntary administration.
The subsidiaries of Octaviar Financial Services, Octaviar Investment Notes and Octaviar Investment Bonds are affected. Deloittes John Greg and Nicholas Harwood were appointed by Octaviar on Saturday.
Octaviar says it looks forward to working with the voluntary administrators to achieve an accommodation with all creditors to produce a better outcome for stakeholders than liquidation.
Octaviar has offered to pay noteholders 22.5 cents in the dollar, according to reports.
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