NAB gives all clear for Packer to buy Hotham.

Dski2002

Hard Yards
Apr 21, 1999
121
0
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Australia
I only had a quick read over lunch, but as reported in the Herald Sun today. NAB has signed off on the Packer consortiums bid to buy the group that currently owns Hotham.

Apparently there is something like a $58 Million debt that’s owed to the ANZ, which NAB have now said they will cover!

What this means for the long term for Hotham and Falls who knows? Dare we except new developments. New lifts and more snowmaking?

Will it be re-name MT Packer?
 

benchives

I forgot how to ski
Ski Pass
Dec 30, 2006
16,273
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813
121
sydney
from personal experience NAB wouldnt sign off on a two dollar party pie from the tuckshop so whatever they have signed off on would be considered low to medium risk.

Interesting considering. Remember the money NAB signed off on is not just Hotham and FC, but also all these aquariums in Australia and Asia. I suspect one part of the business is probably a little sick of carrying the other. In that case I am not surprise a business split has been suggested. What is not surprising is Packer in snow, it fits his customary business models. This leads me to the only conclusion that there is an emotional "I want it now at my price" mentality behind Packer's motives. The vendor is stuck because Packer can still walk and not be out a penny.

david williamson should make a play on this one.
 

rangerider

A Local
Jun 14, 2008
6,546
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Maybe Jamie will make Hotham an exclusive Scientology Worship Centre. Gotta join up if you want to ride Hotham. Anyone got Tom Cruise's number?
 

rollyz

One of Us
Jun 2, 2005
1,503
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my own little world
When I get Bindo off the ground, Packer will want to buy, and I wil have my $$millions$$
biggrin.gif
 
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hair-raiser

Hard Yards
Nov 25, 2003
1,282
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36
Mr Packer is so astute that he recently lost $40 million on a deal in Las Vegas.

He's been trying to sell Perisher for at least a couple of years. His chief advisor in Arctic Capital said the acquisition of ski resorts was "incidental" to the current proposal with LLA. Expect both Falls and Hotham to be re-sold after this winter.
 
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