The iwi was considering making a formal offer to purchase New Zealand's largest commercial skifield when it went into liquidation in July. Video / Te Ao Māori News
Embattled ski lift operator Ruapehu Alpine Lifts (RAL) plans to sell off its assets at a lower value than its original appraisal.
The first receiver’s report has been released by Calibre Partners, after the operator was placed into receivership on October 27 last year.
RAL had previously been placed into administration in October 2022, and liquidation in June, following a number of poor seasons, weather woes, and Covid-19 pandemic disruptions. Other options for businesses to take over ownership on the day of the watershed meeting failed to come to fruition.
The receiver’s report, from Calibre Partners, details the aim of the company; it plans to continue to operate in receivership with an aim to sell assets to purchasers.
The report vows this will be done “in consultation with iwi, and subject to grant of new concessions by the Department of Conservation and funding from the Government.”
The previous Government apologised to iwi, in a letter revealed by NZME, admitting “flawed” consultation regarding the mountain.
Calibre Partners detailed the company’s assets totalling approximately $56 million - which is no longer the case.
The report states given the nature and location of the assets, “the expected realisable value of these assets is significantly lower than this figure.”
Nearly $70m is owed to various creditors - almost $42m of this towards the Ministry of Business, Innovation, and Employment.
Some $13.5m is due for Gondola bonds, and about $11m is also outstanding “as a liability” to life pass holders.
The report said interest continues to accrue on secured amounts, including to MBIE’s Crown Regional Holdings, managed by Kānoa – Regional Economic Development and Investment Unit.
Recently, the liquidation committee agreed that funds held by the liquidators should go towards legal expenses.
Calibre Partners disputes the ruling, stating the committee “does not have a claim in respect to the funds in priority to the Crown Regional Holdings Ltd.”
The proceedings are currently before the court.
Ruapehu Alpine Lifts (RAL), operates the Whakapapa and Tūroa ski fields.
Near the end of last year’s ski season, chief operating officer Travis Donoghue had a positive outlook, and told NZME the best thing during the year had been “getting back to a little bit of normal after a couple of tough years.”
Donoghue said the RAL team were “very committed to making sure this place thrives and continues to improve into the future.”
The Ruapehu Skifields Stakeholders Association believe the report “paints a dire picture.”
Committee member, and ex-lawyer Peter Thomson told the Herald with a new Government “it’s never too late for cooler heads to prevail and for a good compromise to be found that works for iwi, local businesses and the ski community.”
An application is in place with the Department of Conservation from Pure Tūroa to operate the Tūroa Ski Area on Ruapehu. It had previously been seen as the preferred bidder by the past government.
On that matter, Ruapehu District Mayor Weston Kirton told NZME “there might be more negotiations taking place there that are not consistent with what is happening on the Tūroa side.”
“I think they are making progress - what that looks like in the future is unknown,” Kirton said. He was expecting a “positive outcome” and was confident people will “see the new season with two separate entities with different structures.”
RAL and Calibre Partners have been contacted for comment about the receiver’s report.
Azaria Howell is a Wellington-based multimedia reporter with an eye across the region. She joined NZME in 2022 and has a keen interest in city council decisions, social housing and transport.
