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Liquidation Committee Statement: Creditors Compromise

Statement from the Ruapehu Alpine Lifts Liquidation Committee

The liquidation committee was very concerned to read in the press the government's surprising proposals to appoint a receiver to the company. The committee considers that this is not in the interests of the creditors of RAL or of the wider Ruapehu community generally. The purpose of the government appointing a receiver appears to be so that the receiver can ignore the interests of the unsecured creditors of the company, which include local business owners, and life passholders. There will be also a large amount of duplication and expense of RAL being both in liquidation and receivership, for no advantage.

The liquidation committee considers that the interests of all can be best accommodated through a creditors' compromise arrangement of the existing company with approval from the court if need be. This allows a more flexible approach which will better serve the interests of all interested parties including creditors, RAL employees, Iwi and the local community. A compromise will assist in achieving finality and a robust solution which is not available in a receivership which is liable to legal challenge.

The liquidation committee urgently invites the government to consult with the liquidators of RAL and the liquidation committee in relation to a compromise process. A liquidation committee has the statutory obligation of monitoring and assisting the liquidators.

Ngā mihi

RAL Liquidation Committee

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