Bopo Recharge Card

Beware of Bopo cards

Just announced today: Bill Express collapses (July 8, 2008 - 2:28PM)

More than 3000 newsagents across Australia are unable to process bill payments or pre-paid mobile vouchers after the dramatic collapse of payments company Bill Express.

The company, which until last year was the major sponsor of the St Kilda Football Club, this afternoon told the sharemarket its operations would be placed into the hands of administrators, following a meeting with creditors this morning.

That announcement came after a company that had agreed to become a major investor in Bill Express, Al Othman Group, cancelled its plans for the debt-stricken company.

About 11am, Bill Express contacted newsagents urgently requesting they stop accepting all bill payment and recharge transactions, as well as deposits for the Bill Express-owned bopo pre-paid credit card.

"Bill Express advises that due to its current circumstances we request that you suspend vending all prepaid products, processing any bill payment transactions or taking any bopo card top-ups until further notice," the company said in the email to customers.

The Age last month reported that Bill Express had debts of more than $180 million.

In a statement to the stock exchange, Bill Express said it held a meeting this morning with advisers, financiers and major suppliers to discuss Al Othman Group's withdrawal.

"The suppliers indicated to the company that in these circumstances they are not willing to continue the standstill arrangements or otherwise support the company's continued trading," Bill Express director and chief financial officer Sean Slattery said.

"The directors have therefore resolves to appoint administrastors to the company, which will take effect today."

BusinessDay
http://business.smh.com.au/bill-express-collapses-20080708-3…

(Edited by scotty — move to General Discussion. Also it is Bopo not Bepo.)