SCF seeks to sell troubled resort

South Canterbury Finance is trying to recover $10 million by selling Wanaka's largest resort, but the resort's owner believes his financier will be lucky to get half that.

Six companies associated with Oakridge Resort were put into receivership by SCF in September after defaulting on loan repayments.

Yesterday, Oakridge developer Par Hallberg, who moved to Australia after losing control of the resort, confirmed his companies owed $10.49m to the finance firm.

The resorts' core buildings, development land and Mr Hallberg's own house would sell for a fraction of the $20m they were once worth, he said.

Receiver Gordon Hansen, of PKF Goldsmith Fox, said he was close to selling the resort's assets, but a sale would result in a shortfall of millions. Unsecured creditors, owed $387,989, would not be paid, he said.

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