Tuesday, April 26, 2011

Compagnie des Alpes compensated 8.1€ million in settlement of suit on the Vanoise Express

A settlement agreement ending all legal actions relating to the Vanoise Express cable car has been signed by the principal parties concerned.
In November 2007, the discovery of a break in the cable coating of both tracks of the Vanoise Express cable car forced operations to be suspended for the entire 2007-2008 season, rendering connections impossible between the Arcs and La Plagne ski areas, including access to the Paradiski ski area. After a complete repair, normal operations of the Vanoise Express cable car resumed in December 2008. A legal expert was designated in 2008 to determine the origin and responsibility for the damage.
The principal parties in the law suit decided jointly to cease the various procedures and determined, in a settlement agreement, the amount of compensation for the tangible and intangible losses borne by the Compagnie des Alpes (CDA) Group. The CDA Group will receive compensation of €8.1 million. Given the terms of the settlement and the prefinancing transactions already completed, the positive impact on Group operating income will be approximately €6.5 million in the first half of the 2010-2011 financial year.
The Vanoise Express is a two-unit cable-car system linking the Les Arcs, Peisey-Vallandry and La Plagne areas. With a capacity of 200 passengers, the Vanoise Express is the largest cable car in the world (1830 m). It can cross the valley between the two ski areas in just 3 minutes and 50 seconds, at a speed of 45 km/h. This ultramodern cable car is equipped with two panoramic double-decker cabins, each of which can circulate independently, thanks to two separate cables. This system allows the transport of a large number of passengers in a reduced boarding/disembarking time, ensuring that traffic is both rapid and fluid, with a rate of 2,000 passengers/hour. Built by Poma and operated by the Compagnie des Alpes, the Vanoise Express cost over 15 million Euros and was officially opened in December 2003.
The Paradiski is one of the largest ski areas in Europe offering uninterrupted skiing in between the areas of Les Arcs/Peisey-Vallandry and La Plagne. In sum, Paradiski is: 3 resorts and 20 destinations at 1,200 m to 3,250 m in altitude, with 70% of the ski area above 2,000 meters; 2 equipped glaciers; 3 summits above 3,000 meters; 425 km of pistes and 236 slopes for all levels (152 green/blue, 79 red and 22 black); 228 hectares of man-made snow (626 canons); 153 km of cross-country ski trails; 2 Snow Parks, 3 Boarder-cross runs, 2 Boarder-gliss courses, and 1 Half- pipe. The accommodations capacity is nearly 100,000 tourist beds.

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