Settlement agreement on Omeya
ELVIRA HATTINGH
WINDHOEK
Bank Windhoek and the developer of the Omeya golf estate on the outskirts of Windhoek have agreed to place the estate under judicial management rather than liquidating it.
The insolvent Omeya Golf and Residential Oasis (Ogro) and its main creditor, Bank Windhoek, informed High Court Judge Thomas Masuku of the settlement on Wednesday.
They proposed that the court appoint Alwyn van Straten of Executrust to manage the property.
The case will return to the High Court on 4 February, when the settlement will be made a final order of court unless there are objections from other interested parties.
CAN BE SALVAGED
Bank Windhoek had indicated on Monday that it would oppose Ogro’s application for liquidation.
The bank said the company’s cash-flow problems could be resolved in less drastic ways.
Ogro had filed an urgent application for a liquidation order, saying a collapse of the local property market had left it commercially insolvent.
André van der Walt, one of Ogro’s four directors, stated in his affidavit that the company’s assets still exceeded its liabilities, but it could not keep up with payments to its creditors.
Van der Walt Investment Trust, of which Van der Walt is one of the trustees, is the sole shareholder in Ogro.
Ogro owes Bank Windhoek N$133 million and First National Bank N$12 million. It has to repay the two banks N$900 000 and N$75 000 a month respectively, and other operating costs amount to N$660 000 a month, Van der Walt said.
In Bank Windhoek’s affidavit, Anton de Wit stated that Ogro could still be run profitably.
De Witt said selling its Golf Academy subsidiary to the Omeya Residents’ Association would generate enough money to sustain Ogro’s other operations.
The Residents’ Association had made an offer for the Academy, he indicated.
WINDHOEK
Bank Windhoek and the developer of the Omeya golf estate on the outskirts of Windhoek have agreed to place the estate under judicial management rather than liquidating it.
The insolvent Omeya Golf and Residential Oasis (Ogro) and its main creditor, Bank Windhoek, informed High Court Judge Thomas Masuku of the settlement on Wednesday.
They proposed that the court appoint Alwyn van Straten of Executrust to manage the property.
The case will return to the High Court on 4 February, when the settlement will be made a final order of court unless there are objections from other interested parties.
CAN BE SALVAGED
Bank Windhoek had indicated on Monday that it would oppose Ogro’s application for liquidation.
The bank said the company’s cash-flow problems could be resolved in less drastic ways.
Ogro had filed an urgent application for a liquidation order, saying a collapse of the local property market had left it commercially insolvent.
André van der Walt, one of Ogro’s four directors, stated in his affidavit that the company’s assets still exceeded its liabilities, but it could not keep up with payments to its creditors.
Van der Walt Investment Trust, of which Van der Walt is one of the trustees, is the sole shareholder in Ogro.
Ogro owes Bank Windhoek N$133 million and First National Bank N$12 million. It has to repay the two banks N$900 000 and N$75 000 a month respectively, and other operating costs amount to N$660 000 a month, Van der Walt said.
In Bank Windhoek’s affidavit, Anton de Wit stated that Ogro could still be run profitably.
De Witt said selling its Golf Academy subsidiary to the Omeya Residents’ Association would generate enough money to sustain Ogro’s other operations.
The Residents’ Association had made an offer for the Academy, he indicated.
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