Avalanche's exit tunnel is still there and still has rockwork on it alongside the lift hill, though cut down. Seems a pretty essential part of Avalanche to me, although I didn't fully comprehend how it was laid out until recently. There are open holes where some of the lights in the tunnel were, but I don't think they've worked for a long time.
The larger work equipment is gone.
As to the vague info so far released about what happened. Logically I can come up with 3 possibilities. One is that's just what their PR always sounds like, yeah it does, but not always and doesn't mean that's the only reason. 2nd is that the problem is embarrassing and we may never find out. 3rd possibility is a simple financial calculation, and they're not ready to tell us what they're using the money "saved" for yet so they can't lay it out.