Ocon creditors offered 14p in the £1
Published: 03 May, 2013
Trade creditors of Ocon Construction stand to receive 14p in the pound following the collapse of the student accommodation specialist.
Ocon collapsed in March owing £2.5m to suppliers for work completed. The repayment plan was recently put to a creditors meeting. In the worst-case scenario, trade contractors stand to receive 14p in the pound, which could rise to 22p if the full value of assets is realised.
Administrator Mazars latest creditors report revealed that Ocon was owed £8.2m by its parent company Opal, which is seeking to refinance with debts of £880m owed to 14 lenders.