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The worst case scenario has happened, according to administrators who'd been trying to revive the Ruapehu Ski Fields.
The bail out deals melted away this afternoon when creditors rejected all proposals on the table.
Ruapehu Alpine Lifts which ran both the Whakapapa and Turoa fields went into voluntary administration in October owing millions of dollars.
A government backed plan would have seen two separate operators running one side of the mountain each ..for the purchase price of a dollar a side, with the government a 25% stakeholder in each venture and providing loans to both operators.
The other option was raising capital to keep it afloat through crowd funding and life passholders.
But neither got enough votes from people who are owed money by the existing company.
This report from Jimmy Ellingham in Ohakune and Tom Taylor in Auckland.