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Dual Australian and New Zealand-listed company MFS Living and Leisure is in talks with prospective buyers to either refinance or sell off parts of its business to help pay back more than A$180 million ($206 million) in debt.
The investment company has been on a trading halt since January 21 - the same day that its key shareholder, the financially troubled MFS, did.
Until now the company - which owns skifields, aquariums and treetop walkway attractions in Australia, the United States and New Zealand - has been silent on its debt problems.
But late on Tuesday it made an update to the market announcing the resignation of chief executive Marshall Vann and revealing the extent of its funding woes.
The company said it had borrowings of about $180 million from a senior secured facility which had asked to bring forward the maturity of the loan. It was due to expire on May 30.
It also has unsecured loans from MFS and its associate companies which are due on May 30.
MFS Living and Leisure said it was seeking to refinance both of the facilities and to borrow more to continue with its growth plans.
It is also considering the sale of certain assets to repay the debts.
The company said it had had several proposals from parties interested in acquiring certain assets and had entered into an exclusive arrangement with one party interested in acquiring the aquariums and treetops walks to conduct due diligence.
Its treetops business includes an $18 million dollar proposal for a walk at Lake Brunner in the South Island, yet to gain resource consent.
It also said it had been approached by several parties interested in a possible recapitalisation of the group and was in talks with parties interested in providing other forms of funding.
The company said it would not pay an interim dividend but hoped to make an end-of-year distribution.
Last year MFS Living and Leisure failed to take over New Zealand's biggest listed tourism company, Tourism Holdings.
