Fly By Wire Queenstown Ltd announced it would reopen on November 30 with a new lessee, who will be named before October.
The ride closed abruptly on June 1 when operators Hamish Emerson and Chris McKay decided not to renew their three-year lease saying "considerable investment" was needed to improve safety standards.
A Swedish intensive care nurse, on holiday in the resort, received severe arm and face injuries when the miniature Fly By Wire plane she was in crashed in November 2001.
Fly By Wire pleaded guilty to five charges and was ordered to pay $20,000 at the Wellington District Court in June 2004.
Heaslip Engineering Ltd, of Invercargill, created and installed the new winch system and operations resumed in March 2002.
Fly By Wire director Neil Harrap, of Queenstown and Wellington, said, "It cost our company a lot of money, and a lot of grief as the woman was badly injured.
"We got the right people to design and build a new winch system which is fail-safe. If any electrical, mechanical or hydraulic mechanism fails, the brakes come on and the plane remains suspended."
Mr Harrap said difficulties with the latest lessees began when "highly qualified and skilled manager" Darryn Turkington left the operation last March.
"When he left, Mr Emerson simply didn't have staff with the necessary experience to keep the plane serviced and the hi-tech Fly by Wire ride operational.
"I checked with OSH in the last six weeks and they said there was nothing untoward, they made no requests for upgrades and they had no concerns about safety."
The Fly by Wire ride involves a 4m-long "rocket" suspended by a single 9.5mm cable from a bridge of cables 105m high.
It is powered by a 60hp aircraft engine and the patron is harnessed into the plane.
During the high-speed flight, the patron flies the plane using the onboard controls in a four-minute adrenaline-charged experience.
The ride is located on Arnold Middleton's Queenstown Hill Station, near Tuckers beach on the Shotover River, and cost $1.5 million to build in 1998.
