DJ Receivers Appointed to Australian BNPL Company Openpay
By Stuart Condie
SYDNEY--Australian buy-now-pay-later operator Openpay Ltd. entered receivership and has stopped funding new consumer purchases.
Shares in Openpay were suspended last week with the company saying it was in discussions with its lenders over ongoing funding requirements.
"Receivers and managers are now in control of assets, operations and trading activities of the company," receivers McGrathNicol said on Monday in a statement.
Openpay last year halted its U.S. operations to focus on its native Australia, citing the rising capital cost of expanding in the world's largest consumer market. It said at the time it hoped to be profitable by June 2023, and reiterated the aim as recently as November.
Write to Stuart Condie at [email protected]
(END) Dow Jones Newswires
February 05, 2023 16:54 ET (21:54 GMT)
DJ Receivers Appointed to Australian BNPL Company Openpay By...
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