Music streaming company Guvera has gone into administration.
The Queensland business says it has appointed Deloitte to lead a restructure. Subsidiary entities Guvera Australia Pty Ltd and Guv Services Pty Ltd have been placed into voluntary administration.
Guvera Limited says it will work closely with the Deloitte to provide financial assistance for creditors.
The company says the move was prompted by the the ASX decision to block a float on the exchange. Guvera warned in its prospectus that the business would not have the funds to continue if the IPO failed.
Guvera lost $55.7 million in the first six months of the 2016 financial year.
Shareholders, including a string of high net worth individuals and fam…
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