creditor and business update, page-2

Good morning BB,Does anyone know when the stella sale is finalised because it seems OCV is waiting on money from this to satisfy some creditors.Cheers, Seamisty:::::Octaviar circled by creditors | May 27, 2008
OCTAVIAR, formerly MFS, said today it remains uncertain whether its creditors will wait until it has finalised the sale of its 65 per cent stake in its Stella leisure business.

"There continues to be uncertainty as to whether such an accommodation can be achieved," the company said in a statement.

Octaviar (ASX: OCV: quote) said investors in its listed notes last Friday demanded that the face value of the notes, $348.6 million, together with accrued interest of $2.84 million be payable on June 5, following a default on payments.

It is also facing legal action from Challenger Managed Investments over bonds issued with a face value of $100 million.

National Australia Bank (ASX: NAB: quote) is also demanding the repayment of $40 million loan with discussions continuing on the matter.

Shares in the company remain indefinitely suspended as it conducts a review of its financing and operating structures after its market capitalisation more than halved in January amid worries about its financial