Ski resort operator Transmontagne is wound up

In a move that has surprised many and shocked others Transmontagne group, which runs Ski Dubai as well as a number of French resorts was wound-up by the Lyon Commerical Court on Tuesday. The remains of the group are being sold off piecemeal to a number of interested parties. Transmontagne’s lawyer, Maitre Jean-Marie Chanon decaled the decision “a catatrophy” to waiting journalists.

Top of the ski runs at Chamrousse

The stricken leaseback group, which has months of unpaid rents to British, Irish and French investors, will be taken over by Sofisol. The property interests are located in Chamrousse, Dévoluy and Valfréjus. The ski lifts in Dévoluy and Praloup will be run by the Financier Gaston Maulin. A controversial figure he already runs the Sybelles ski area in the Savoie. The lift operations at Chamrousse and Valfréjus have been declared bankrupt and the staff has been laid-off. We contacted a spokesperson from Chamrousse who told us that the local council had anticipated this move and had already taken steps to put in place a new structure for the forthcoming season. We were assured that all lifts would be running with a full service from the start of the season and that all necessary maintenance has been carried out over the summer.

Initially a dozen candidates had expressed interest in the group which had losses of over 8 million euros following a disastrous winter in 2006-07. However at the last minute the two main investors, Verdoso, specialists in restructuring companies in financial difficulties and the current Managing Director of Transmontagne, Georges Vial, who wanted to run the lift operations, pulled out.

Verdoso was the only party interested in taking on Transmontagne as a going concern but could not reach an agreement with the mayor of Chamrousse. Transmontagne has 270 permenent staff and over 1000 season workers. However it is expected that many of these will continue to work for the ski resorts.

Further Information

Transmontagne in receivership
Valfrejus resident’s group

Posted by davidof on Thursday, 18 October, 2007 at 10:04 AM

The French Union Pour les Entreprise (UPE 05) is taking up the case of businesses who have not been paid by the bankruptcy of Transmontagne. There are 50 enterprises owed 500,000 euros in the Hautes-Alpes department.

The UPE wants to get access to the files about Transmontagne which ran the lifts and apartment complexes at Dévoluy, the Queyras and Praloup. Un délégataire qui gérait aussi un certain nombre de résidences. The UPE 05 wants to get a big turnout of business people and apartment owners for the next sitting of the Lyon commercial court.

Posted by davidof on  Friday, 02 November, 2007  at 05:51 PM
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