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Riviera moves ahead with restructuring - Trade Only Today

Riviera moves ahead with restructuring

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Unsecured creditors and former employees of Australian boatbuilder Riviera have agreed to payments and the company can move forward with its restructuring.

"The acceptance of the proposed [Deed of Company Arrangement] is a further milestone in the rebuilding process of Riviera since the considerable effects of the global financial crisis impacted the global luxury boatbuilding industry forcing Riviera into receivership on May 8, 2009," CEO John Anderson said in a statement.

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