Downhill slide goes on as MFS leisure group CEO departs
A report by Natalie Craig in The Age says that the cracks have widened for Australia’s crumbling MFS group, with the resignation of its leisure company boss and news that Melbourne Aquarium and Victorian ski resort projects are in jeopardy.
MFS Living and Leisure chief executive Marshall Vann told BusinessDay he had resigned without being pushed, and without termination payments, because he felt it was “appropriate”.
“Given the current issues affecting (parent company) MFS Limited, I felt it was best that I resign so the board can distance itself,” he said. Mr Vann was effectively an employee and beholden to the broader listed company MFS Limited, which is struggling to pay short-term debts.
“I think that given the company’s current circumstances it would be inappropriate to receive a termination payment,” Mr Vann said, adding he had no career plans. “There is nothing on the agenda for me now.”
Mr Vann will be replaced by John Schryver, former boss of the company’s Australian Alpine Enterprises and its Falls Creek ski resort.
Mr Schryver could not be contacted.
MFS Living and Leisure also confirmed it was struggling to repay or refinance $180 million of debt due around March.
A request to lenders had allowed it to move repayment of secured loans forward to May 30, when its unsecured loans also mature.
The company said that “prior to the most recent volatility in the markets and the issues affecting (parent company) MFS”, it had believed that “the refinancing of borrowings would be able to be completed in the ordinary course”.
Mr Vann said he was unable to comment as to why this situation was not made known to the market earlier.
MFS Living and Leisure would continue to seek recapitalisation and refinancing and was also in an “exclusive arrangement” with a party interested in buying its tree-top walks business and aquariums, including the Melbourne Aquarium.
Village Roadshow, which owns and operates Gold Coast theme parks and resorts, is rumoured to be interested.
The company said that pending these deals, it would continue to operate its ski businesses, including Falls Creek and Mount Hotham resorts.
But projects including construction of the second stage of the Melbourne Aquarium and major capital works at its mountain resorts, due before this year’s ski season, could fall over if money dries up from MFS Limited.
The MFS Living and Leisure group said there was uncertainty over its ability “to continue to obtain advances from MFS to meet its commitments in relation to its growth initiatives” and “may experience difficulties in meeting these commitments”.
MFS and MFS Living and Leisure shares have been in a trading halt since January 19.
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