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TeleMorgins News

July 27, 2017

 

Latest update from Telemorgins. 

 

At the end of July, TéléMorgins-Champoussin (TMC SA) set out to find the amount of 1.8 million francs needed to bring the Foilleuse chairlift back into service in December, Maintenance on various facilities.
1.1 million promises


According to Nicolas Rey-Bellet, the promised amounts now amount to 1.1 million. The figure has changed little in July, which does not surprise the chairman of the board: "Many people were on vacation. In addition, some are waiting to take over the creation of the sole operating company of the Swiss Portes du Soleil (PDS-CH SA). "
PDS-CH SA: the challenge for the next few days


The articles of association of this entity must be submitted to the boards of directors of the companies concerned. "Ours has already approved them," notes Nicolas Rey-Bellet. That of TéléChampéry Les Crosets should be pronounced at the beginning of August. A response from Chalet-Neuf Bellevue is also hoped for quickly. "Whether it's two partners or three, the consolidation of PDS-CH SA is the major challenge of the next ten days because it must enable us to turn promises into donations. And, from then on, to place our orders to advance. Time is playing against us. "A Telemorgins general assembly is expected to be convened in the second half of August.


The Chairman of TMC SA believes that the formation of PDS-CH SA is essential. "The $ 1.8 million is not the number one obstacle in my opinion, because we should reach it. The worst-case scenario would be that PDS-CH SA does not see the light of day. "This entity to be created is an integral part of the regional concept to guarantee the sustainability of tourist activity (Le Nouvelliste, June 24) A grouping within a single operating company is the non condition for obtaining support from the public authorities, whether the canton or the investment company Chablais Invest. On the agenda of a meeting of the presidents of the communes of the district of Monthey in mid-August, it would be good if the situation is clarified at this time.
Negotiations with current creditors


In parallel, TMC SA continues to negotiate with its creditors, in particular Crédit Suisse, to reduce its current liabilities (1.3 million). "The banking institute has submitted a fairly complex remediation proposal. We passed it on to the trustees to see how it can be incorporated into the multi-factor equation that we have to solve for balance. "

 

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