26/07/2023
An important voting message for Life pass holders from the Ohakune Business network!
RAL (In Liquidation) Creditors Meeting
On Saturday 22 July all creditors will have received an email from RAL Liquidators, John Fisk and Richard Nacey of PwC.
The email advised that a meeting of creditors will be held by postal vote to consider two resolutions.
Resolution A ,
To confirm the appointment of John Fisk and Richard Nacey as liquidators, with creditors to vote FOR or AGAINST the resolution.
(We advise to vote FOR)
Resolution B,
To appoint a liquidation committee to act with the liquidators, again with creditors to vote FOR or AGAINST this resolution.
(We advise you to vote AGAINST)
Any creditor who votes FOR Resolution B can then vote for a maximum of 7 of the nominated 17
persons, to be on this liquidation committee.
All votes must be received by 11am on Monday 31 July.
The initiative for these resolutions, has been advocated by an individual creditor, or a small group of individual
creditors.
What we want you to consider:
1. The current Liquidators were effective Administrators and continued to be effective Liquidators. They sourced sufficient resources from ANZ and MBIE for RAL even though they were under administration, to
continue trading and to have both ski areas prepare to be able to operate for the 2023 winter season, and now as Liquidators they are trading both ski areas through winter 2023.
As Liquidators, John Fisk and Richard Nacey have been communicating not just the creditors but with businesses and stakeholders.
No one wants to see the company assets just being sold off and the removal of these assets, that would not
benefit anyone!
Fortunately, the snow has arrived, and local businesses are now being able to trade after being held in limbo after the Watershed meeting.
2. The current Liquidation process will see the two ski areas sold to new entities.
A new potential bidder (Tuwaretoa) has been provided with a 2-month window to undertake due diligence and, if they then decide to proceed, prepare a bid. Following this period (sometime in late August or early September) Liquidators will determine which bid(s) will be the successful purchaser(s).
The Department of Conservation will then commence the process, as required in the Conservation Act, for the assignment of new “licences to operate a skifield” to the successful bidder(s). This process will take an expected 4 months and will involve public submissions and possibly a hearing.
3. Any changing of the Liquidator at this stage will probably cause delays and could be a 6-month process.
Any delays at this vital stage could result in a settlement date for new ownership extending into 2024.
This will compromise any new owner(s) being able to fully prepare and set up for the 2024 season.
We cannot go into another season with minimal preparation, with no early purchase season pass sales and further loss of interest in skiing on Whakapapa and Turoa from our core North Island snow sports market.
4. From advice given to us, a creditors committee through the liquidation process has limited ability to influence the Liquidators. The Liquidators are following a process as required by the relevant legislation and
have been keeping all creditors and our communities fully informed.
5. A creditors’ committee will take up the Liquidators’ time and therefore add delays and cost to this process .
There are many varied stakeholders whose livelihood, businesses and recreational pleasure is dependent on these two
ski areas being able to move forwards under new ownership and then trade effectively.
The creditors are a relatively small group within this wider community of stakeholders.
We need to all work collectively to facilitate new ownership, whoever it may be, of Whakapapa and Turoa.
We advocate strongly that all creditors should respond to this creditor meeting resolutions with:
Resolution A , vote FOR
Resolution B, vote AGAINST,
and therefore no selection of nominated persons is necessary.