Rick Damelian group goes under owing $80 million

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"Sydney car dealership group Rick Damelian has been placed in
 receivership with outstanding debts of around $80 million.

The group owns nine yards on Sydney's renowned car yard
strip on Parramatta Road and was put into receivership by an
unnamed secured creditor.

The appointment of receivers came after an extended period
of support by the creditor.

During this time the company had been working towards a
possible restructure and reduction of its debt.

Receiver Ferrier Hodgson says the group has outstanding
debts of around $80 million.

It says two receivers have been appointed to work with
manufacturers to clarify the position of new car warranties and
whether sales can be completed on vehicles where deposits
have already been paid.

The receivers say customers need to be aware all car servicing
has been cancelled."

Source: ABC News