No more corporate welfare for skiing
The Herald reports:
Despite heavy snowfall and what administrators describe as an “incredible” ski season, troubled North Island skiifield Ruapehu Alpine Lifts 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 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 summers season going into next winter,” Fisk said.
We have now put what may be tens of millions of dollars into corporate welfare for a skilfield. I love skiing on Mt Ruapehu but enough is enough – the liquidators should sell it as soon as possible so that new owners can operate it without the debt burden.