But following an encouraging response from some creditors, recently appointed board member Grant Roydhouse is confident an agreement can be hammered out.
''The financial position is still being resolved,'' he said.
''I think that is what everybody wants to know and I can't put a time on it because there are a number of hurdles that have to be overcome, and discussions are ongoing in relation to those.''
BBO stopped trading in October, having accumulated a debt of just under $179,000.
BBO's members put off appointing a liquidator at a special general meeting in December so it could raise enough money to put an offer to BBO's creditors.
The Keep Basketball in Otago group co-ordinated the fundraising effort but fell short of its target of $100,000.
However, it received $40,000 in pledges and raised another $10,000 from an online sales promotion and a pre-season game.
Roydhouse is hopeful creditors will accept an offer of 30%.
''A letter has gone out - thanks to Sport Otago's assistance - to all of the creditors asking in principle would they agree to accept 30c in the dollar if we could arrange that.''
The Edgar Centre is owed about $67,000 but has been responsive to BBO's efforts to reach an agreement.
''We are both in the same boat in that we want a successful outcome for basketball ... because we are partners, in a way.
''I have a meeting with them ... to resolve a number of question marks because we want to have everything nice and tidy for the relationship ...
''The pledge process remains open ... and we still want some more pledges to get over the line.''
Roydhouse declined to say how much more money was needed to pay the creditors 30c in the dollar but the $50,000 raised by Keep Basketball in Otago represents about 28c in the dollar.
BBO needs 75% of the creditors by number and by value to agree to the proposal.
He was ''pretty confident about the 75% by value'' but BBO was still working on contacting all its creditors.
However, Roydhouse wanted to emphasis it was business as usual.
''The important thing is regardless of the financial position, basketball will carry on for the majority of people exactly as it did last year.
''We had rep trials last Sunday and they were very successful with good numbers attending. Coaching appointments were made last week.
''The social summer league started last Wednesday night with numbers up 30%. And school competitions are beginning in [mid] April.''
