Despite heavy snowfall and what administrators describe as an “incredible” ski season, troubled North Island skiifield operator Ruapehu Alpine Lifts (RAL) is sweating on another application to Cabinet for funds, seeking time to find new owners and save the tourism business.
PwC partner John Fisk, appointed liquidator of RAL in June after having previously served as voluntary administrator since October, said despite the strong recent season cash reserves were on track to run dry in two months, potentially before a sale of the business could be completed.
“We’re in a position where we will effectively run out of cash at the end of November this year. We are waiting to hear from, hopefully, the Crown next week on just what their position is in terms of funding the rest of the summer season going into next winter,” Fisk said.
He understood Cabinet was meeting on Monday and was hopeful RAL would make it on to the agenda. He was unwilling to say how much funding was being sought.
He said the election campaign raised the possibility of long-running coalition negotiations and until resolved had the Government in caretaker mode.
