Over the past few months, intensive discussions have taken place with the canton and banks as well as potential new investors and other partners. The Board of Directors has carefully examined a wide range of options together with the various partners. As the majority shareholder of Belalp Bahnen AG, the municipal council of the municipality of Naters supports the path taken by the Board of Directors to strengthen the company financially in the longer term. "The municipal council is satisfied that a viable solution has been found together with all those involved," says municipal president Charlotte Salzmann-Briand.

The solution is essentially as follows: Firstly, a solution with the canton and the creditor banks for optimized and long-term amortization plans is well on the way. This will give Belalp Bahnen AG the flexibility to repay the loans over the long term instead of immediately. Secondly, the Board of Directors is pursuing a more moderate investment plan; the replacement of the Hohstock lift is being dispensed with for the time being and a modernization of the existing lift is being examined. And thirdly, the Board of Directors has initiated structural operational optimizations in order to further improve the financial operating success and enable necessary investments. The loan from the municipality of Naters, which remains the majority shareholder of Belalp Bahnen AG for the time being, has been suspended.
The path chosen by the Board of Directors in consultation with the municipality of Naters has the following key parameters:

• Contrary to the original scenarios, the lenders do not have to write off any receivables financially. Taxpayers are not burdened.
• By extending the amortization periods, medium-term liquidity is improved and it is not necessary to apply for a debt-restructuring moratorium, or it would not be feasible. Debt restructuring proceedings would not only have uncertain prospects of success, but would also result in high costs.
• The operational optimizations have an annually recurring effect, which makes the solution sustainable. The risk of running into a bottleneck again in a few years' time due to repayment obligations should therefore be minimized.
• No development options for the future are blocked. The municipality and Belalp Bahnen AG remain open to commitments from investors.

The Board of Directors is convinced that it is taking the right steps to create a stable financial basis. "We are choosing a pragmatic, moderate and economical path that is realistic under the given circumstances," says Chairman of the Board of Directors Michel Berchtold. "We are relieved that the creditors' concession has opened up the opportunity to position the company in a regionally, economically optimized and future-oriented way." At the same time, all growth options remain open in the long term. "After the intensive last few months, we are grateful to all those involved - above all the municipality, canton and creditors - for constructively supporting this joint path."

Original restructuring concept not feasible
The original restructuring concept from fall 2023 proved to be unfeasible, which provided for significant loan waivers from the canton, creditors and the municipality as well as the entry of new investors as part of a debt-restructuring moratorium. The Board of Directors examined these options in detail in consultation with all parties involved. In view of the available liquidity and the possible relief through adjusted loan conditions, the canton and the banks rejected debt waivers.

During the search for investors, two investor groups showed interest in taking over Belalp Bahnen AG and in some cases provided considerable funds. The examination of investors was carried out in a clear process taking into account all stakeholders. The offers made by the investor groups were not compatible with the interests of the lenders, as the offers assumed a debt waiver and considerable losses for the creditors. "We would like to thank the investor groups for their constructive contributions. Their commitment and interest in the development of our beautiful destination of Blatten-Belalp is gratifying, even if no common denominator could be found immediately," says Michel Berchtold.