Oakridge Resort receivers working with apartment owners and creditors

The receivers of Oakridge Resort in Wanaka are working with apartment owners to ensure they continue to make their apartments available and with manager Accor.

PKF Goldsmith Fox was earlier appointed by South Canterbury Finance and yesterday receiver Gordon Hansen was not saying how much South Canterbury was owed.

South Canterbury Finance worked very hard with Oakridge, he said.

The 4-star resort has views of the Southern Alps, heated rock pools, seven hot tubs, a 25m lap pool, a gym, sauna and day spa.

Hansen said the resort had excellent occupancy levels in August.

"It is more a case that it is a relatively new development and it has to build its brand," he said. "There is potential and it is a matter of working to bring the average occupancy up," he said.

The 180 apartments were all sold and were independently owned. The companies in receivership employed staff and provided the joint area of swimming pool, restaurant and conference area.

"We are continuing to trade on. Accor are continuing as managers in the foreseeable future," he said.

The receiver was working with creditors to get them to continue to supply.

Apartment owners have an agreement with the companies now in receivership. It was hoped there was sufficient goodwill for apartment owners to continue to make their apartments available.

The apartments were not individually metered for electricity and water supply so apartment owners were joined at the hip with the resort company. The receiver hoped to meet apartment owners next week.

The resort had purchased land adjacent to it, which media reports have said were an issue in the collapse of the company when development stalled.

The receivers aim to sell the resort.

The companies placed in receivership are Nord Ltd, Oakridge Resort Ltd, Oakridge Resort Holding Ltd, Oakridge Land Holdings Ltd, Oakridge Pool and Spa Resort Ltd and Northern Link Developments Ltd.

- NZPA