They might as well put their ultra expensive ~ $250m Queenstown development on ice. Its going to be many years before tourism is back to anything like what it was in my opinion. If they stretch themselves too much with massive debt at present they run the very real risk of going broke. This is not a time for bravery in the tourism industry, its a time to batten down the hatches and concentrating on surviving the greatest worldwide recession since the great depression of 1929-late 1930's.
If the directors don't understand this and proceed, good luck to them and the company, they're going to need it. Disc: No stake and no interest in buying one.