Chief executive Cliff Brigstocke told ProPrint that cost-cutting was part of the group's "immediate strategy". He added that closing the Melbourne site of McPherson's Printing Group had been "more expensive than originally planned".

Opus has forecast raising more than $11 million as it bids to return to profit in 2012-13. The group reported a 17.6% rise in net debt to $62.8 million in 2011-12.

Part of the cash injection will come from a $3.4 million loan that has been arranged with major shareholders Knox Investment Partners and executive director Richard Celarc.

Knox and Celarc will be repaid in equity when the loan term expires on 31 March 2014, subject to the agreement of both parties and shareholders. In the meantime, they will receive 15% interest per annum. However, Opus will pay 24% interest if the loan is not converted to equity.

[Related: Brigstocke named in 2012 Power 50]

Opus has also reached agreement to sell and lease back its Singapore site in a deal expected to generate pre-tax net proceeds of $7.2 million.

The Singapore deal still requires regulatory approval, while the loan needs to be approved by Opus' senior lender.

Opus has also made a $500,000 pre-tax net return from selling surplus land and buildings at the McPhersons site in Maryborough.

The group said the asset sales and restructuring were "key milestones" in its strategy to repay its debt ahead of schedule.

Brigstocke declined to reveal why Opus was borrowing money when it wanted to repay debt.

Opus said it was continuing to assess its capital structure and was working closely with its senior lender to devise a financing package that provided "ongoing financial versatility".

Opus' share price has fallen 25% from 33 cents to 25 cents since the start of the year.

[Related: Ups and downs of Opus]

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