Riviera continues restructuring

QUEENSLAND, Australia — Riviera Marine is now seeking to have its Deed of Company Arrangement recognized in the United States under U.S. bankruptcy laws in the same way it is recognized under Australian law, according to a company release. In order to have the DOCA recognized, the company is making an application to U.S. courts under Chapter 15 of the Bankruptcy Code.

“Please understand that this is not a ‘new’ proceeding, it is merely a request that the U.S. Courts recognize the DOCA process which was officially completed by Riviera in June 2010 and that allows us to complete our restructure of both our Australian and U.S. operations,” Riviera CEO John Anderson said in a letter.

The Australian yacht builder officially exited from administration in June when it received written notification from the company’s Deed Administrators that the Deed of Company Arrangement established in conjunction with Riviera’s creditors on Jan. 22 had been completed.

“We want to reassure you that this application in the U.S. will have no impact on our manufacturing and dealer operations in Australia or our international dealer operations.” Anderson said. “This is just another step in the restructuring of Riviera.”

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