Riviera drops Princess and Grand Banks brands

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Riviera will no longer distribute the Princess Yachts and Grand Banks brands as it tries to pay off a $350 million debt.

CEO John Anderson said that as of July 1 Riviera would not distribute those brands in Australia and New Zealand, Gold Coast Publications reports.

Riviera, Australia's largest luxury boatbuilder, announced in May it was in voluntary receivership.

"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 said in a statement at the time of the announcement.

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.

Riviera builds open and closed flybridge boats, offshore express models and sport yachts from 33 to 70 feet.

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