'Riviera CEO John Anderson, recently addressed Queensland Leaders about business and the company’s future.'
Denby Browning
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Yesterday, Friday 5 June, the CEO of Riviera, John Anderson and Receiver Manager, Chris Campbell, wrote to industry to clarify the impact of 'the appointment of Administrators on Riviera's ability to continue trading in the future'.
The notice continues: 'The roles of the Receivers and the Administrators are very different for Riviera. In summary the roles are:
. The Receivers were appointed by the secured creditors. The Riviera Receivers' role is to restructure the operations to continue trading and restructure the business to survive the current economic climate. . The Administrators were appointed by the Directors and report to all creditors including the unsecured creditors The Administrators role is to conduct an investigation into the historic affairs of the company and consider possible alternatives for the creditors to vote on. The Administrators have no role in the ongoing trading of the company.
In the event that the creditors decide to appoint the Administrators as Liquidators of the company's this will not affect in any way the Receivers ability or intention to continue trading and restructuring the Riviera business. Nor would such an event impact on the ability of the Receivers to sell the business at a future point in time as a going concern. Trading control does not revert from the Receivers to the Administrators or Liquidators.
The Receivers' role has not changed and we continue to remain committed to trading the Riviera business forward.
Indeed it was publicly expressed at the recent creditors meeting by several creditors that their desire is to see Riviera succeed and grow again in the future.
The Sanctuary Cove International Boat Show was a great success for Riviera with the securing of 11 new boat sales at the show with a total value of AUD $18 million. This trend has continued in the weeks since the show, with a number of additional new boat sales being achieved.
As previously communicated, all deposits paid to Riviera for boats under construction or about to commence build have been applied to those boats for the benefit of the Riviera customer. Warranty and other Riviera customer support services are continuing as per normal.
Our production is returning to normal and boats are flowing through the Coomera facility.
Quality, integrity, sheer boating enjoyment and absolute piece of mind are the hallmarks of the Riviera brand. We would like to reiterate that under receivership these vital qualities will be retained'.
Macquarie Island, TAS
