Powder King Ski Village Ltd. near MacKenzie is up for sale, according to the accounting firm of Arthur Andersen Inc., following an order by the Supreme Court of British Columbia appointing the firm as receiver/manager.
Powder King has 453 acres of skiable terrain with an average yearly snowfall of 41 feet, 18 runs, a triple chair, a T-bar, food and accommodation facilities.
Neil Bunker of Arthur Andersen Inc. would not state how much the ski area would likely be sold for or how much it is in debt. Bunker says interested parties will put forth offers and at that time negotiations will begin.
According to Barry Bittner, a senior commercial accounts officer with B.C.’s Ministry of Finance, Powder King has been in arrears on a loan from the province since 1993. The loan was originally negotiated in 1983 for Azu Village, now Powder King Ski Village Ltd., to develop and expand the recreational facilities at the resort.
A payment plan was renegotiated last November, but Powder King was still unable to make payments, Bittner says. He also says getting an accurate figure for Powder King’s assets has been a problem.
Both Whistler and Blackcomb have similar loans with the province and Bittner says they are both keeping up with their payments. In fact, he says they are two of his best accounts.
Bittner says Powder King will be advertised in B.C., across Canada and overseas in the hopes of finding a buyer who will operate it as a going concern.
Powder King is currently owned by a group of shareholders from B.C. and Alberta, according to Bittner. It will remain open for this season using as many employees from last season who wish to work.