In early October 2020, the varied shareholders of Swrve received an email setting out the terms of a major corporate restructure designed to ensure the survival of the highly backed Irish mobile software firm. The company had burned through most of the $125 million it had raised from a host of investors. The Irish state, both directly and indirectly though associated funds, was a major backer, having advanced between $50 million and $70 million to the business. But, struggling with declining revenues and high operating costs, Swrve was running out of time. The proposed restructure was not without controversy. Within…

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