forest resort in reveivership, page-5

Some more links re Forest Resort

"Creswick's Forest Resort in legal action
14/04/2009 11:23:00 AM"

http://hepburn.yourguide.com.au/news/local/news/general/creswicks-forest-resort-in-legal-action/1485970.aspx

and
http://hepburn.yourguide.com.au/news/local/news/general/business-as-usual-for-forest-resort-at-creswick-despite-being-put-in-receivership/1492185.aspx

"'Business as usual' for Forest Resort at Creswick, despite being put in receivership

21/04/2009 11:33:00 AM
"CREDITORS and suppliers of the Forest Resort at Creswick have been advised that the resort is in receivership.
Receiver and manager, Leanne Chesser, of corporate restructuring firm Korda Mentha, has sent letters telling creditors of Rytelle Pty Ltd, the Forest Resort Hotel Pty Ltd, the Forest Resort Pty Ltd and Forest Resort Utilities Pty Ltd that Korda Mentha intends to "continue to operate the companies on a business-as-usual basis".

"We consider this to be in the best interests of all parties concerned and ask for your support in this regard," the letter stated.

Those dealing with Forest Resort companies are also advised to open new accounts for goods supplied and services rendered to the companies.

Korda Mentha said it was not in a position to discharge debts incurred before April 1, when the Forest Resort went into receivership.

Last week owner and resort developer Jim Walsh was again reluctant to comment on the situation at the resort.

He said it was still possible to stay at the resort and to invest in resort house and land packages.

The resort is described as a $250 million development and includes a Novotel Hotel and a golf course designed by Australian golfer Robert Allenby.

The vision for the resort began with Mr Walsh and his wife Joan buying the then Creswick Golf Club in 2001 when the golf club was facing closure because of financial difficulties.

In September last year a $1 billion vision for the resort's future, including plans for a theme park, casino, medical centre and lifestyle village, was put before the council .

Creswick Ward councillor Don Henderson said last week he had known for some time the resort was in financial difficulty "exacerbated by the global financial downturn".

"I have concerns for the people who work at the resort and for the many suppliers (but) I have no doubt that the business will continue although a different owner or management team may be in place."

Cr Janine Booth said over the past seven years the project had a "strong, positive social and economic impact on Creswick and district".

"I support all parties, especially Jim and Joan Walsh and their family, in their endeavours to work towards a financial solution that will ensure the continued smooth operation of the Novotel Forest Resort and employment of all personnel." ends
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What lovely home or short term refuge ,Forest Resort would make for recent fire victims.Perhaps too far to commute and rebuild ? but a similar environment, I imagine... and it will take many years for the fire damaged home towns to regenerate.
Perhaps the fires have slowed the house sales?
I have experience of bush fires and looking at alternatives or considering relocation to an unburnt area, even for the short term would have been a positive.
The shock and determination to recover dont allow time for looking at all the alternatives...

Just a far fetched thought, because costs might prevent it.
Korda Mentha have it in hand.

I wonder if this resort was always going to be a Novotel and if Breakfree and S8 were afterthoughts..or if it was the other way round?