Riviera officially exits administration

RIVIERA received written notification on June 25, 2010, from the company’s Deed Administrators that the Deed of Company Arrangement (DOCA) established in conjunction with Riviera’s creditors on January 22 this year has now been completed and Riviera has now officially exited from administration.

Following the previous withdrawal of the business for sale, and the finalisation of the administration, management and the receivers are now planning Rivieras’ exit from receivership later this year.

Under the terms of the DOCA, all current and former employees have received all of their unpaid wages, superannuation, annual leave and any relevant redundancy payments. Current Riviera employee’s entitlements will continue to accrue and be available to those employees in the ordinary course of business.

Unsecured creditors have also received a dividend payment under the terms of the DOCA.

The payments to employees and unsecured creditors have effectively cleared all pre-administration appointment unsecured claims against the company enabling it now to trade in its own right, outside of the formal administration process. This move also paves the way for the business to prepare to exit receivership.

“The completion of the DOCA is yet another significant milestone in the rapid recovery of Riviera over the last twelve months,” said Riviera CEO John Anderson.

“Riviera has embraced change and travelled a significant voyage since May 2009. Just last month at the Sanctuary Cove International Boat show we sold 19 new boats with a total retail value of over AUD $20 million. Nine of these 19 sales were for our brilliant new 43 Open Flybridge model that boasts a major step-change in concept design and the latest in marine technology including IPS propulsion.

“The positive news of Riviera exiting Administration will be well received by the market. As we head into the Sydney International Boat Show that starts on July 29 next month, this timing is perfect and hopefully will assist in replicating our Sanctuary Cove Show success.,” he said.