Skip to main content
Updated:
Original:

Riviera Marine seeks U.S. bankruptcy protection

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."

Related

AIM Marine Group Hosts Meet the Editors Event

More than a dozen editors from Active Interest Media’s Marine Group participated in the day-long, information-sharing event.

Fairline Makes Leadership Appointments

The British luxury boatbuilder founded plans to chart its course for the future with a new CEO and the return of Derek Carter as chairman.

Battle on the Great Lakes Rages On

The Icebreaker Wind Turbine Development faces strong headwinds from boating and fishing groups.

Limestone Boat Co. Expands Dealer Network

The company adds four new dealers to its roster, with three to represent Aquasport Boats.

NMEA Announces ‘22 Training Course Schedule

For next year, marine training courses will be offered as virtual and in-person sessions for basic marine electronics installers, and in-person only for advanced installers.

GM Invests $150M in Electric Boat Start-Up

General Motors has acquired a 25-percent stake in Pure Watercraft, a Seattle-based e-propulsion outfit.

Patrick Acquires Marine and RV Seating Maker

The Elkhart, Ind.-based component manufacturer finalized its purchase of Williamsburg Marine and Williamsburg Furniture.