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  # Riviera Yachts In Receivership 

 May 13, 2009

 

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  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>    ![Riviera](/sites/default/files/inline-images/riviera_500.jpg)</a> |
|---|
| **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.*