Riviera exits administration

Author:
Publish date:
Social count:
0

Riviera received written notice last Friday that the Deed of Company Arrangement established in conjunction with Riviera's creditors in January was completed and the company has officially exited from administration.

Following the withdrawal of the sale previously announced on April 9 and the finalization of the administration, management and the receivers are now planning Riviera's exit from receivership later this year, the company said in a statement.

Under the terms of the deed, all current and former employees have received all of their unpaid wages, annual leave and any relevant redundancy payments. Unsecured creditors have also received a dividend payment under the terms of the deed.

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 12 months," CEO John Anderson said in a statement.

Related

Sales stagnate in March

Overall boat sales in March were slightly lower compared to last year and year-over-year growth was down by just over 1 percent, according to Statistical Surveys Inc., data that was gathered for 30 states.