The application was due to be filed late this afternoon, but New Zealand Rugby Union (NZRU) Chief Executive Steve Tew said the ORFU board had agreed to defer the application to allow more time to work through the details of a possible recovery package.
"The key parties have been talking since Monday and have identified some options that warrant further examination. It makes sense for the union to delay proceedings to allow these parties more time to undertake proper analysis," Tew said in a statement.
The NZRU, Dunedin City Council, Dunedin Venues Management Ltd and the NZ Rugby Players Association have all been working through details of the package. Potential sponsors have also been consulted.
"Obviously things are at a very delicate stage, so we are not in a position to discuss the shape of any deal. However, we are only considering arrangements that will put the union on a sustainable long term footing. This is complicated and any deal has to be multi-faceted, involving input from all of the union's key partners.
"This doesn't change the fact that the financial picture remains very bleak, there are some significant hurdles to be overcome, so the outcome is by no means certain, but all parties are working hard on these proposals."
Tew and ORFU chairman Wayne Graham announced on Monday the debt-laden union would be liquidated.
Tew said then there was no way out for the ORFU, which had been saddled with negative equity of more than $2 million and was due to report another large loss.
He said the national union had already bailed out the Highlanders, and it would not bail out the Otago union as well.
However, his "preference" was for the Otago team to compete in this year's ITM Cup.
"We fully appreciate how disappointing these events will be for the many people who have worked hard backing rugby in this region. This situation also creates considerable financial pain for many including small and large businesses who make up the union's creditors,'' he said then.
In addition to a $1.2 million bank debt and a $400,000-plus debt to the Dunedin City Council, the ORFU owes $180,000 to 180 local creditors. Those creditors will not be paid if the union shuts up shop.
In the past few days several fundraising options have been explored, including approaches to businesses and a North-South fundraising match.
