The sale of Grand Mercure Oakridge Resort is likely to be concluded soon, receiver Gordon Hansen, of Christchurch, confirmed yesterday.
The resort owes $10 million to South Canterbury Finance and $387,989 to unsecured creditors.
It was unlikely the unsecured creditors, who are mainly Wanaka suppliers and tradesmen, would be repaid as a result of a sale, Mr Hansen said.
South Canterbury Finance, which is undergoing a major restructure, appointed the receivers in September, following a demand for the repayment of finance.
The finance company is the biggest secured creditor.
Mr Hansen said there had been "more than three" offers.
"Some offers are quite clean and the whole process could be wrapped up quickly within a couple of weeks.
"Others are not and the issues they come with could take a couple of months to work through.
"It depends on which deal we go with."
The receivers' reports for the six companies associated with Oakridge are now on the Companies Office website.
They are Oakridge Resort Ltd, Oakridge Resort Holdings Ltd, Northern Link Development Ltd, Oakridge Pool and Spa Resort Ltd, Oakridge Land Holdings Ltd and Nord Ltd.
There is a deed of cross guarantee and indemnity between the six companies.
Mr Hansen cautioned unravelling the reports could leave the public "scratching their heads".
One should not add up the total assets and debts for all six companies to come up with one round figure, because of the cross-loans and links between the six companies, he said.
The receivers have not provided an assessment of amounts likely to be paid to secured or other creditors because they do not want to prejudice the sale negotiations.
However, employees and the Inland Revenue have been paid preferential debts of $85,193 and $102,213 respectively.
Four secured creditors have also been paid (totalling $21,793). The details of 13 other secured creditors remain unknown.
Oakridge was associated with Wanaka businessman Par Hall-berg and his wife, Anita, who acquired full ownership in 2006.
They developed the complex in several stages into a 177-room, four-and-a-half-star hotel spread over 6.5ha on the corner of Cardrona Valley Rd and Studholme Rd.
Oakridge was an official accommodation provider for Winter Games NZ teams and during August enjoyed a 90% occupation rate.
It has continued to trade while in receivership.
