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Riviera yachts taken off the block

Australia's Riviera announced the company's secured debt holders have elected to formerly withdraw the business from the sale process, electing to continue to rebuild the business.

"Over the last eleven months our bankers have been impressed with our performance despite the prevailing market conditions and the positive gains made as a direct result of the restructuring process," said Riviera CEO John Anderson, in a statement.

"Our focus is now firmly to build the business and make it even stronger," he added. "The value that has been created in the business over the last eleven months has clearly given our backers the confidence that as the market continues to return, so too will our sales and profitability."

Anderson said sales are above expectations and in the last 11 months, more than 100 new Rivieras have been sold world wide.

"We have also signed several new international dealers this calendar year in both the U.S. and Europe, which is a very encouraging sign for us as the global boating industry sees us as a force that is on the return with a clearly segmented and strategically growing model line-up," Anderson said.

Riviera offers 20 models from 36 to 85 feet across four model series: flybridge, sport yacht, offshore express and motor yachts.

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