Australian Boat Maker In Receivership
Australia's biggest luxury boat builder, Riviera, has gone into voluntary receivership. The company operates a boat building facility at Coomera on the Gold Coast in Queensland and exports to more than 30 countries around the world. But like many other yacht builders Riviera has had trouble selling its yachts in the economic downturn. The company fired employees and closed its production line for three weeks recently but is still in crisis. The company may be put up for sale or may go through a restructuring process. Riviera employs 550 people and workers are still at their jobs. Riviera is planning to exhibit in the Sanctuary Cove International Boat Show on the Gold Coast from May 21 to 24.