In early 2019, several successful, smart, and savvy investors surveyed the Shaw Academy, and decided that the Irish online learning provider was worth saving. The company had collapsed into examinership in January that year after accruing too much debt and too few customers. Running out of cash, it sought bankruptcy protection from its creditors and the opportunity to restructure its balance sheet. The company had obvious potential. It was scaling internationally, and revenues were rocketing as more and more people turned to online learning. During the examinership, there were 31 expressions of interest in salvaging the business. The number, massive…

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