The owner of the Moiwa Ski Resort, just beyond Niseko Annupuri, filed for bankruptcy protection last week with a debt of ¥94.9 billion ($US890 million).
Construction company Zephyr Co bought Moiwa Ski Resort last year with plans to turn it into a fully master-planned resort.
Over winter Zephyr also announced plans to build a large-scale hotel in Hirafu, which would have controversially exceeded the height limit allowed by recently implemented development guidelines.
Over the past month they have been on the ground in Kutchan holding community consultation meetings and lobbying the government to approve an exception to the development guidelines.
In light of that, there have been no official reports as to what will happen to the project or at Moiwa, but as Zephyr’s main interests are on the mainland they may sell up their Niseko holdings to help pay their debts. There will be a creditors meeting on Friday.
Moiwa has had a string of owners who have never managed to bring their grand plans for the resort to fruition.