MBIE has bought up $13m ANZ debt and appointed receivers from Calibre Partners to advance a sale of the ski fields
The government has appointed its own receivers to Ruapehu Alpine Lifts after purchasing ANZ’s debt for just one dollar.
Crown Regional Holdings’ acquisition of ANZ’s $13 million of debt for $1 gives MBIE control of the first-ranking debt with the company, allowing it to appoint receivers.
Newsroom, which reported on MBIE’s plan to buy ANZ’s debt and appoint receivers on October 2, understands the appointment of receivers from Calibre Partners will not impact the liquidation of the company, which John Fisk and Richard Nacey of PwC are handling.
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The move gives MBIE’s regional development arm Kānoa greater control or leverage over the ski field’s sales process, presumably with a mind to get its favoured deals over the line quicker.
Up until this point Calibre had been working with MBIE on Ruapehu Alpine Lifts in an advisory capacity.
It has been taking steps to accelerate the sales process but has a substantial roadblock in its way in the form of a Department of Conservation concession.
It granted one of its favoured bidders, Pure Tūroa, a $3.05m loan to buy the Turoa assets earlier this month, conditional of receiving a concession to operate in the Tongariro National Park.
That concession will be difficult to achieve, with robust iwi consultation a legal requirement of any new concession being issued.
And local iwi aren’t happy with how the process has been run, accusing the crown of withholding information, not carrying out proper consultation, and risking prejudicing treaty settlement negotiations related to the Tongariro National Park.
Iwi and hapu from around the central North Island have asked for a pause on the sales process, with threat of legal action lingering.
Neither central government or the PWC liquidators are willing to shoulder the blame for the relationship breakdown with local iwi.
The not-for-profit ski field operator was placed in voluntary administration in October 2022 after MBIE refused it another bail out.
It then went into liquidation in June this year after creditors, including Ruapehu life pass holders, failed to approve any options at a watershed meeting.
Before it was placed into liquidation, MBIE was offering millions of dollars in support to preferred bidders Pure Tūroa and Whakapapa Holdings, with the Crown taking a quarter stake in the businesses, as well as loaning further money and paying to fix up the field’s infrastructure.
