Riviera Yachts In Receivership

Directors of Australian boatbuilder
Riviera have called in receivers in the hope that the company can continue trading
and to restructure in order to survive the current economic downturn, it was reported
Monday by IBI, an industry trade newsletter. Riviera is Australia's largest production
boatbuilder and operates a facility in Coomera in southeast Queensland. For the last 30 years they have built flybridge boats, offshore express models and sport
yachts, exporting around 50 percent of its annual production to a dealer network
spanning more than 30 countries.

A 56’ Riviera is one of 22 models ranging from a 36 sport yacht to a 70 enclosed flybridge convertible built by the company.

A spokesman for the company said: "Our first task will be to review the financial
position of the company to evaluate the best possible outcome for creditors and
other stakeholders with interests in the business. Our key focus is to ensure the
continued trading and preservation of employee jobs, as well as to derive and implement
a restructuring plan."


From the Riviera website—



Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes, have been
appointed as Receivers and Managers of luxury boat builder, Riviera.



The appointment of Receivers followed a request from the Directors that an appointment
be made.



Riviera is Australia’s largest and most awarded luxury boat builder and operates
a state-of-the-art boat building facility in Coomera in south-east Queensland. The
purpose of the Receivership is to continue trading and to restructure the business
in order to survive the current economic climate while continuing to provide a high quality Australian product.



The company has for the last 30 years built Flybridge boats, offshore express models
and sport yachts. The company exports approximately 50 percent of its annual production
to a dealer network that spans more than 30 countries and every continent in the
world.



According to Mr Campbell, in the last 12 months the company’s sales have been significantly
impacted by the downturn in the economy.



The Receivers and Managers are looking to preserve the long term viability of the
business, restructure the business and sell it as a
going concern. "This process
may take some time,” said Mr Campbell. “Our first task will be to review the financial
position of the company to evaluate the best possible outcome for creditors and
other stakeholders with interests in the business.”



Mr Campbell said, “Our key focus is to ensure the continued trading and preservation
of employee jobs, as well as to derive and implement a restructuring plan. This
will allow us to continue to care for the needs of the strong customer base.”


No one should rely on the information in this release. We accept no duty of care
or liability to anyone regarding this release and we are not responsible to anyone
for an Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes,
have been appointed as Receivers and Managers of luxury boat builder, Riviera.