Pain for Riviera Suppliers & Subcontractors

Kafue · Jan 19, 2010

This in todays Gold Coast Bulletin:

1.7c offer for Riviera creditors
Nick Nichols, business editor | January 20th, 2010

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Troubled waters for Riviera creditors
UNSECURED creditors to luxury boatbuilder Riviera Group have been told to accept 1.7c in the dollar at a meeting this Friday -- or walk away with nothing.

The creditors, many of them small business operators around the Gold Coast, are being offered just $280,000 for the $16.4 million they are owed.

The good news for retrenched employees is they will receive their full entitlements to superannuation and holiday pay.

Administrators to the stricken Gold Coast boat manufacturer have recommended creditors accept the payout offer, or face the prospect of receiving a zero return should the company be placed into liquidation.

Creditors are scheduled to vote on a deed of company arrangement (DOCA) for five of the 13 companies within the Riviera group in Brisbane on Friday morning.

The remaining eight companies, including the flagship Riviera Group Pty Ltd, are not considered worth saving and will be liquidated.

Should creditors reject the DOCA proposal, the Riviera business will continue to operate under the control of existing administrators until a buyer can be found.

Riviera was placed in receivership in May with $350 million in debts.
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84far · Feb 15, 2010

$350m... WOW! That got out of hand. Owell

Far

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Pain for Riviera Suppliers & Subcontractors

Kafue Senior Member

84far Senior Member