Guvera ceases operation as two directors step down

The saga of Guvera appears to have drawn to a close, as the music service announced that it has ceased all operations. Co-founder Claes Loberg has also stepped down as a director, as did major backer Steve Porch.

Streaming platform Guvera attempted to get listed in an IPO in June 2016, but was rejected by the Australian Securities Exchange. Since then, the company has been struggling. Several subsidiaries were placed into administration and the service shut down in its home market or Australia.

Former CEO Darren Herft sent a note to shareholders on Friday looking for volunteers to join the board and help him “rebuild our company,” but it is unclear what path forward they might have, given that it may still owe debts to creditors, according to the Australian Financial Review.

Anna Washenko