America's Cup caterer pays $1m of debt

By BERNARD ORSMAN

The main caterer at the America's Cup Village has settled debts totalling $1 million arising from the exclusive floating yacht club and hospitality tents.

Fifty-nine creditors owed between $1000 and $440,000 each by Corporate Host have accepted 50 cents in the dollar as final settlement for unpaid bills. Michael Laird, of Oceanic Foods, said he lost half of the $57,000 he was owed for supplying seafood and dried goods during the regatta.

One of the biggest creditors was Adecco Personnel, which provided staff for the hospitality facilities. Other creditors included Allied Liquor, Coca-Cola, Heinz Wattie's, Kapiti Cheeses and Lion Breweries.

Corporate Host director Steve Hollander will not discuss the settlements or troubles at the Cup village.

It is understood Corporate Host paid about $800,000 for fitting out the $2.8 million yacht club, which was marketed by America's Cup Village as "an exclusive floating facility anchored at the centre of the American Express New Zealand Cup Village, surrounded by the glamour and activity of the super yachts and racing syndicates."

The village company said yacht club membership never reached the target of 10,000 and the venture lost $4.1 million. The village company has filed a claim against Corporate Host to recover debts. Corporate Host has filed a counter-claim.