NEWS - Riviera in Administration

By: David Lockwood

Presented by
  • Trade-A-Boat

After appointing Deloittes receivers on May 8, embattled Gold Coast boatbuilder Riviera has now been placed in administration with PPB, a firm handling large insolvencies such as Lehman Brothers (Australia) and ABC Learning

At a public meeting of Riviera creditors and other interested parties last week, Grant Sparks from PPB reportedly said some 1000 creditors are owed around $350 million, with some $200 million for three secured creditors including the ANZ Bank, leaving a $30 million shortfall for 500 unsecured creditors.
Sparks also said the Riviera Group may face liquidation and the directors of the company may be investigated for insolvent trading.
After the company sold $17 million worth of stock at the Sanctuary Cove International Boat Show last month, Riviera axed 150 more workers, some of whom claimed to have worked gratis at the boat show.
The receivers said Riviera was still planning to attend the Sydney International Boat Show opening July 30.

 


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