Bill Express' recapitulation agreement falls through

Al Othman Group subsidiary withdraws its recapitulation proposal.

Software developer, Bill Express Limited (ASX: BXP), today announced its recapitulation agreement, which was to see the company undergo a drastic re-structuring, has fallen through.

BXP had received an offer from a subsidiary of the Al Othman Group which would have resulted in an injection of new bank guarantees for BXP as well as a restructuring of company liabilities. The board and management of the company were also to undergo substantial changes.

But the subsidiary has withdrawn its proposal, leaving Bill Express management in urgent discussions considering their options.

The company expects to make an announcement regarding the results of these discussions later today.

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