ANZ to force Opes Prime sale

Creditors including ANZ are looking to recover over $1 billion in debt from Opes Prime who was put into receivership last Thursday. Merrill Lynch and ANZ which provided the debt will be selling stock. It is understood that Merrill Lynch has already sold over $300 million of stock. According to a report Opes' clients are expected to lose between $200-300 million. Stock held by individuals and super funds were used as security for Opes' stock lending business. ANZ and Merrill Lynch have security that ranks above clients, and ANZ have indicated that they view these clients as “unsecured creditors” of the organisation.

Source: The Australian Financial Review

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