Basketball Otago creditors are collectively saying goodbye to more than $160,000.

That's the amount of debt the organisation has wiped off its books by paying just 30c in the dollar.

An agreement for that was reached earlier this year, with creditors willing to shoulder some of the franchise's financial woes.

The organisation almost went into liquidation, but a group of campaigners managed to fundraise just over $60,000.

Basketball Otago managers are expecting to turn the books around with a modest surplus this year.