The best hope for Openpay is:
1. Reduce the debt. Repay a portion of debt to debt holders early and ask them to extend their maturity dates.
2. Find a buyer for the business who will be taking on low debt and acquire new customers. After around 2 months debt would be under $50M.
3. There are lots of positives for an acquisition by Sezzle or Zip (better knowledge of potential bad debts from Openpay’s database, a chance to offer longer plans at existing merchants, a chance to acquire new merchant revenue, a chance to reduce Openpay OPEX through economies of scale, a chance to expand Openpay globally, the synergies are endless)
4. OpyPro has value in isolation. Probably worth about $10M in its current state and could easily increase to $50M with a bit of careful planning and marketing.
Putting the business in receivership might be a blessing in disguise. The sharks may look to acquire Openpay on the cheap now that the receivers are in control.
