The Stakeholders Association and Life Pass Holders of Ruapehu Alpine Lifts Limited have proposed a Deed of Company Arrangement to restore the skifields to trading so that the Winter Season 2023 may proceed with certainty of staffing, finance arrangements, and a concession to operate.
A Deed of Company Arrangement (DOCA) is an agreement between a company and its creditors to enter into a 'creditors compromise', under supervision from an administrator, for a period of time. It restores the company back to trading but is a powerful document that can bind and compel a company (and the creditors) in a broad range of ways.
The DOCA proposed by the Stakeholders Association is a culmination of months worth of surveys with thousands of people, meetings with multiple stakeholders and represents the best efforts to find a 'creditors compromise' that achieves the best outcomes for all stakeholders.
Current Version of DOCA Proposal (13 June) - Future Revisions will be added below:
This DOCA proposal is effectively a 'hard reset' and proposes a range of changes to:
Directors, Board Observers and Governance
The result would be a well community-owned, non-profit, well-capitalised, well run ski operation that can endure for generations to come. The DOCA is supported by a Financial Feasibility Study that lays out the long-term financial stability of the company including a fully costed Capex/Opex and capital raising plan.
Importantly, the DOCA submitted to PwC for assessment in the Administrators Report of 13 June 2023 is effectively just the first 'cards on the table' offer. The DOCA can and will be changed multiple times in the run up to the Watershed Meeting and can also be changed (in more limited ways, for up to 15 days after the Watershed Meeting, until it's executed). The ink isn't dry and we're working furiously as a ski community to:
Engage with other interested parties who have also made a proposal to find consensus.
Understand how the DOCA could be made more attractive to each creditor class impacted by the deed.
Engage with stakeholders who are important to the future of the company and would be part of any ongoing future.
As we have done throughout the process of creating a grass-roots community to support the skifields, we will be consulting broadly and seeking input to improve the DOCA. This is just the beginning.