UPDATED: Administrators have recommended Pindan Group's creditors accept Oxley's $14.3 million payment offer, but that claimants from its contracting arm reject the move.
Pindan's Singaporean owner has upped its deed of company arrangement proposal to $14.3 million, lodging the third and final offer ahead of the creditors meeting next week.
An eleventh hour move by Pindan's Singaporean owner to almost double its DOCA proposal to $12.3 million will lead to an adjournment of a planned creditors' meeting tomorrow.
Contractors and employees left out of pocket by the collapse of Pindan could face further payment delays, as Oxley Holdings revises its $7.5 million offer amid threats of legal action.
Pindan Group's offshore owner has provided a $17 million loan to pay out its secured creditor as it works on a restructuring for other creditors owed $75 million.
