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Alterra Suspends Pay for Some, Postpones Capital Projects
As the mountain resort industry remains at a standstill amid the expanding coronavirus (COVID-19) crisis in North America, Alterra Mountain Company has made adjustments to maintain financial viability.
In an internal memo to all Alterra staff on Thursday, CEO Rusty Gregory said that while the company is well-capitalized and maintains a very high level of liquidity to help get through difficult times, this situation is unprecedented.
“While I’m hopeful we will be able to reopen this summer and optimistic that we will open on time for winter, the fact is we don’t know when this will abate,” said Gregory. “We must react aggressively to the prospect of zero revenue for the foreseeable future, continuing to focus on protecting the health and safety of our guests, employees, and communities, while maintaining our liquidity and financial viability in order to do more of the same for as long as possible.”