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The ORFU was due to announce whether it would go into liquidation last Friday but asked for more time.
A second self-imposed deadline was 4pm today but the ORFU has announced shortly before midday it has given itself another week before filing an application to liquidate the union to allow more time for discussions on a possible recovery package.
The union has debts of $2.35 million and is facing a loss of about $750,000 this year. It owes 180 local creditors $680,000 and the Bank of New Zealand $1.2 million.
The New Zealand Rugby Union (NZRU), Dunedin City Council, Dunedin Venues Management Ltd, the New Zealand Rugby Players Association and the Bank of New Zealand have spent the past week working through the details of the recovery package, the NZRU said in a statement.
NZRU Chief Executive Steve Tew said discussions this week had been fruitful.
"We are certainly more hopeful than two weeks ago so that is good progress.
"As we said last week the options we are looking at are very complicated, there are many moving parts and all have to come together to ensure we have a viable plan. The extra week will give all parties the time they need to make final decisions.
"While it is not appropriate to discuss the shape of any plan, what we have said all along is that any deal must be very clear on a number of counts. It must put the union on a sustainable long term financial footing and must put in place appropriate governance arrangements to ensure the mistakes of the past are not repeated."