Luxury boat builder hits rough seas

Australia's biggest luxury boat building operation is in voluntary receivership and
will be put up for sale, casting doubt over 550 jobs.
Deloitte partners Chris Campbell, Vaughan Strawbridge and Richard Hughes have been
appointed receivers and managers of Riviera.
The company operates a state-of-the-art boat building facility at Coomera on the
Gold Coast and exports to more than 30 countries.
Riviera shed 117 of its Gold Coast staff in January in the wake of the global downturn.
It also closed its production line for three weeks, from April 10 to May 5, in a bid
to clear stock held by international dealers.
In 2008, it cut more than 300 staff from its Coomera headquarters.
It currently has 550 employees, and Mr Campbell said he could not guarantee that all
those jobs were safe.
He said he would address staff about the company's finances on Monday.
Sales over the past 12 months had been "significantly impacted" by the global
financial crisis, Mr Campbell said.
"The purpose of the receivership is to continue trading and to restructure the
business in order to survive the current economic climate while continuing to
provide a high-quality Australian product," he said in a statement.
He said it was proposed to sell Riviera as a going concern after a restructuring of
the company.
"This process may take some time," Mr Campbell said.
"Our first task will be to review the financial position of the company to evaluate
the best possible outcome for creditors and other stakeholders with interests in the
business."
He said Riviera would continue to take part in the upcoming Sanctuary Cove
International Boat Show on the Gold Coast from May 21 to May 24.