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In todays Business Spectator MFS Future on the Balance Shareholders of ailing tourism and leisure group, formerly known as MFS, are facing the prospect of billions of dollars of write-downs, reports The Australian Financial Review.

The group's latest director, Chris Scott told the paper that it would take at least three months before the company now known as Octaviar will be able to meet its debt obligations to its biggest creditors.

"The next three months will determine what actually happens with MFS," Mr scott said

"By the end of July it's either liquidation and the basket of history , or we have a future. There are still a lot of people owed serious money and a number of events could send things over the fence." he added.

Octaviar is expected to release its half-year results within days and earlier said it will extend the 180-day freeze on its flagship Octaviar Premium Fund to 360 days, citing insufficient cash to pay redemptions, the AFR said.