BBO ceased trading in October having accumulated a debt of just under $179,000, and the organisation has effectively been in limbo since its annual general meeting in November. But in a meeting co-ordinated by Sport Otago earlier this week the board was re-established.
Five members have been seconded to the board - Angela Ruske, Karl Andrews, Craig Hickford, Di Carter and Grant Roydhouse.
It was an important first step which allows BBO to start making decisions. Its first priority is to support the fundraising efforts by the Keep Basketball in Otago group so it can offer creditors a decent settlement.
''The first half or three-quarters of the meeting was taken up with information on the past and current position,'' Roydhouse said.
''There was a brief mention on the funding situation ... and it is hoped that an arrangement with the creditors can be worked upon. That is going to involve contacting a lot of people and getting their yes or no to a proposal.
''The new board has to focus on the current financial situation and can't finally feel as if they are in place until liquidation has been avoided.''
BBO's members voted against appointing a liquidator in December to allow Keep Basketball in Otago time to raise the $100,000 it was targeting.
The group has fallen well short of that mark. Earlier this week it could call on less than half that amount.
However, a joint press release from Sport Otago and Basketball New Zealand expressed confidence liquidation could be avoided and a special meeting, called for the purpose of voting on liquidation, was cancelled.
It is unclear whether other backers have emerged or whether the major creditors are open to a much lower settlement.
''I'd rather not comment on the details ... but we are hoping to raise more,'' he said.
''It is going to take a week or more to get all the replies in so we can work on two fronts.''
