New Zealand ski areas lacking snow face possible bankruptcy
Two of New Zealand’s largest ski areas have been placed into a type of bankruptcy proceeding following a disastrous winter season with barely any snow
By NICK PERRY
Published - Oct 11, 2022, 04:56 AM ET
Last Updated - Jun 24, 2023, 03:05 AM EDT
WELLINGTON, New Zealand (AP) — Two of New Zealand's largest ski areas on Tuesday were placed into a type of bankruptcy proceeding following a disastrous winter season with barely any snow.
The Tūroa and Whakapapa ski areas, which are both owned by Ruapehu Alpine Lifts, entered what is called voluntary administration. The proceeding is open to failing New Zealand businesses and has some similarities to Chapter 11 bankruptcy procedures in the U.S.
Under voluntary administration, the company directors appoint outside experts to review and rearrange finances and determine whether the company can be saved.
The company laid off 135 workers in mid-August and currently employs about 196 people at the two ski areas.
