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New Zealand ski areas lacking snow face possible bankruptcy


Associated Press

WELLINGTON, New Zealand (AP) — Two of New Zealand’s largest ski areas have been placed into a type of bankruptcy proceeding following a disastrous winter season with barely any snow. The Tūroa and Whakapapa ski areas entered what is called voluntary administration. The proceeding is open to failing New Zealand businesses and has some similarities to Chapter 11 bankruptcy procedures in the U.S. The poor snow season came after the previous two seasons were severely disrupted by COVID-19. Rain repeatedly washed away the snow this year, and the ski area’s 50 snowmaking machines proved no match against balmy temperatures. Climate change appears to be a significant factor after New Zealand experienced its warmest winter on record — for the third year in a row.

Article Topic Follows: AP National Business

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Associated Press


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