Riviera Marine seeks U.S. bankruptcy protection

Posted on

Riviera Marine (Int.) Pty Ltd., part of a group of Australian companies that manufacture and sell luxury boats, is seeking bankruptcy protection in the U.S.

Riviera CEO John Anderson said in a statement that the filing is not a new proceeding, but “merely a request that the U.S. courts recognize the [Deed of Company Arrangement] process, which was officially completed by Riviera in June 2010 and that allows us to complete our restructure of both our Australian and U.S. operations.”

The U.S. filing follows a voluntary administration in Australia.

The Queensland-based company listed assets and debt of as much as $50 million each in Chapter 15 documents filed Sept. 8 in U.S. Bankruptcy Court in Tampa, Fla., according to Bloomberg.

Four affiliates also sought protection. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while a company reorganizes abroad.

Riviera Marine said it sold 52 boats, with sales totaling $54 million, for the fiscal year that ended June 30, down from 139 boats, with sales totaling $131 million, in 2009, and 327 boats, with sales totaling $265 million, in 2008.

“We want to assure you that this application in the U.S. will have no impact on our manufacturing and dealer operations in Australia or our international dealer operations,” Anderson added. “This is just another step in the restructuring of Riviera.”

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

2 comments on “Riviera Marine seeks U.S. bankruptcy protection

  1. chris foster

    From 327 to 139 = (57.49%)
    From 139 to 52 = (62.59%)
    With those kinds of percentage drop in sales how can Riviera continue in any fashion?

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

What is the best outcome for the marine industry in the November mid-term elections?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password