Guvera creditors agree deal to keep company trading
Creditors of music streaming firm Guvera have accepted a deal that will allow the company to keep trading after being told by administrators it was a better option than closing down the cash-strapped operation.
Deloitte joint voluntary administrator, Ezio Senatore, confirmed in a statement after yesterday’s second creditor’s meeting that “the creditors accepted a Deed of Company Arrangement (DOCA) for each company”.
“These DOCAs will provide greater certainty of a return to priority creditors, such as employees, than liquidation of the companies would have done,” he said.
No terms of the DoCA were disclosed and it is unclear what chance creditors, which includes media agency Media Partners – or shareholders – have of recouping their cash.
Guvera, which owes around $13m to staff and creditors, nose-dived after it was refused permission to list on the Australian Securities Exchange.
Yesterday’s decision will enable Guvera to keep trading in the markets where it has retained an operation – India, Indonesia, Saudi Arabia and United Arab Emirates. It told users in Australia last week that, “with a heavy heart”, it was withdrawing the service locally.
“Born and launched into Australia in 2008, we have had the best time bringing all the latest tunes to the ears of our listeners here,” a note sent to users said. “Unfortunately, and with a heavy heart, the time has come to pull back our operations in the country.”
Sure, sure, sure… Another promised payment plan. Just another opportunity for the [Edited by Mumbrella] leadership at Guvera to overpromise and NEVER deliver…
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Here we go again , rorting the system and creditors…Just so taxpayers know that a significant Debt to the ATO of over 2 mill will only receive between 6 cents and 25 cents in the $ , yet Guvera is promoting the fact that they will receive a 6 mill Refund from the ATO for Research and development Grant , a little ironic isn’t it, we the taxpayer are paying for this , its laughable …what do you think would happen to you if you didn’t pay your ATO debt?
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Let’s be honest, we (as ex-employees) voted to accept the terms of the DoCA, we did so to finally have a fighting chance to get what we are owed – our salaries, entitlements and superannuation. Our vote was NOT a vote of confidence for Claes, the inked-up hillbilly wannabe, and his band of thieves. NOT. We all would have preferred liquidation. The pitates deserved it. But, in liquidation, we would have put ourselves at the back of the loooooooong line of Guvera creditors. Shame on you, Guvera. You have jerked so many people around. You deserved to go under.
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Let’s be honest, when we (as ex-employees) voted to accept the terms of the DoCA, we did so to finally have a fighting chance to get what we are owed – our salaries, entitlements and superannuation. Our vote was NOT a vote of confidence for Claes, that inked-up hillbilly wannabe, and his band of thieves. NOT. We would have preferred liquidation. The bloody pirates deserved it. But, in liquidation, we would have put ourselves at the back of the loooooooong line of Guvera creditors. Shame on you, Guvera. You have jerked so many people around, you deserved the shame of going under.
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Wish the papers would get their facts correct, don’t know how many times the amount owed to credititors has changed, and if, as suggested they owe staff such a lot of money, then shame on the governing bodies for letting it get so out of hand. (I actually don’t believe this is the case)
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Some staff wasn’t based in Australia so it’s hard to track an Australian company from abroad and make them pay our salaries. We were basically abandoned, the bills for the office premises were not paid, the salaries either… Don’t trust this company.
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While I sympathise with ex employees,
Try by an investor 180 million divide by 3000 poor miss guided fools =
$60,000 each on average down the toilet
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