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Dubai Snowdome Operator Goes Bust

 Poster: A snowHead
Poster: A snowHead
Dubai snow dome
PisteHors.com has just posted the surprise news that French Ski Resort Operator, Transmontagne, which also runs the Dubai snowdome, has gone bust. The financial problems should not affect the day to day operations of the dome but the group runs a number of mid-mountain ski resorts and these could be in difficulty...The MD of Transmontagne blamed the poor snow conditions last winter.

Transmontagne in severe financial difficulties
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 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
Very interesting news with far reaching implications in the French Alps perhaps Laughing
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
davidof wrote:
....... The MD of Transmontagne blamed the poor snow conditions last winter........


But not at the snowdome, one hopes.
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achilles wrote:
davidof wrote:
....... The MD of Transmontagne blamed the poor snow conditions last winter........


But not at the snowdome, one hopes.


...well you'd hardly expect them to blame poor management would you ?


Wow, don't know the company but looks like a bit of a 'mess' to be sorted ... any other operators rumoured to be in trouble due to 'overstretching themselves'?
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 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
If you follow the link at the bottom of davidof's post it says that "experts" blame the situation on the company growing too fast. I assume that refers to financial experts (no cynical comments please) and I suspect that in this case they are right.

Even with a bad winter in Europe, if their business was anywhere near viable in the longer term, they should have been able to raise some kind of funding or loan to compensate.

This situation looks to me as though it is entirely down to bad management.
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Or, it's a matter of the snow level not up to the expectation of the management? Wink
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 Then you can post your own questions or snow reports...
Then you can post your own questions or snow reports...
Dont Tranmontagne do alot of leasebacks/ construction as well. Where does that leave the individual owners/ especially where properties are not yet complete
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 After all it is free Go on u know u want to!
After all it is free Go on u know u want to!
dan100, a good question. I know there are a couple of SnowHead with properties in Puy St. Vincent, but not sure if they are Transmontagne ones or not.
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Helen Beaumont wrote:
dan100, a good question. I know there are a couple of SnowHead with properties in Puy St. Vincent, but not sure if they are Transmontagne ones or not.


TM has the following residence in PSV

Les Gentianes
Le Hameau des Ecrins

The 18 companies of the group were placed in receivership by the court.

Can someone explain the legals of leaseback arrangements? Do you have title to the property?
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davidof wrote:
Helen Beaumont wrote:
dan100, a good question. I know there are a couple of SnowHead with properties in Puy St. Vincent, but not sure if they are Transmontagne ones or not.


TM has the following residence in PSV

Les Gentianes
Le Hameau des Ecrins

The 18 companies of the group were placed in receivership by the court.

Can someone explain the legals of leaseback arrangements? Do you have title to the property?


David

You have legal title and lease the apartment chalet to management co on a long lease. Its not a time share . I would guess that if Transmontagne don't pay the rent the lease can be terminated and the apartment owners will have to try and make alternate arrangements for management/ rental income. However this is only a guess based on what would seem fair

Of more concern would be part completed properties. I recall with my leaseback that there was a bond placed with the bank to protect against the constructor's bankruptcy. I hope this protects any persons affected. I know properties in Valfrejus were being heavily marketed.
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dan100 wrote:


Of more concern would be part completed properties. I recall with my leaseback that there was a bond placed with the bank to protect against the constructor's bankruptcy.


That sounds positive anyway.
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And love to help out and answer questions and of course, read each other's snow reports.
dan100 wrote:

I would guess that if Transmontagne don't pay the rent the lease can be terminated and the apartment owners will have to try and make alternate arrangements for management/ rental income. However this is only a guess based on what would seem fair


A lot of Brits have bought TM properties in Chamrousse Bachat Bouloud (it was a real speculator hotbed over the last couple of years - I saw nothing but Brit cars there this spring). It seems TM have not been paying rents to owners since Christmas. Ouch!!! Shocked
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achilles wrote:
davidof wrote:
....... The MD of Transmontagne blamed the poor snow conditions last winter........


But not at the snowdome, one hopes.


The conditions in the dome were very poor. Snowbird lasted 20 minutes and left for the bar - some might say that is usual but not when there is decent snow around.
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 You know it makes sense.
You know it makes sense.
TM were blaming poor snow from as early as January, I'm owed 6 months rent from Chamrousse, still got my mortgage to pay though!!!
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 Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
ag1, I meant Dubai not France
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 Poster: A snowHead
Poster: A snowHead
ag1, welcome to snowHeads. snowHead

Sorry to here about the arrears you're owed: hope it gets resolved.
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