Nutcracker Ski Club

It seems as though the troubled MFS Limited leisure arm will be selling off assets to keep it’s interest in the Ski Resorts of Mt Hotham and Falls Creek alive, but it appears that these assests will get sold off too according to an article in the AGE yesterday:

“VICTORIAN ski resort owner MFS Living and Leisure will need to sell its $120 million Falls Creek and Mount Hotham businesses before the start of the 2008 season, according to ski industry sources.

“The probability of those assets changing hands is the same as the sun rising tomorrow morning — guaranteed,” said one source close to both resorts.

MFS Living and Leisure is in due diligence negotiations to sell its Oceanis aquariums and treetop walks businesses in an attempt to pay off $180 million in short-term loans by the end of May.

The company says these sales, refinancing and a possible equity injection will allow it to repay loans and “continue to operate its ski fields businesses”.

But there was strong speculation yesterday that the ski businesses were also unofficially on the blocks

Those who bid and missed out in 2004, including Macquarie Leisure Trust, former resorts manager BCR Asset Management and Rino Grollo, who owns the Mount Buller resort, are all rumoured buyers this time around.“

Interesting 12 months ahead for Victorias top two resorts…….

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