Intrawest wins extension on Whistler sale
Last Updated: Friday, February 26, 2010 | 12:26 PM ET
CBC News
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Whistler Blackcomb, site of the Olympic ski venue, will not be up for sale during the Games after debt-laden owner Intrawest appears to have won an extension from creditors.
The snow-capped mountain top of Blackcomb mountain is shown. (Jonathan Hayward/Canadian Press) A source familiar with the negotiations said creditors have granted Fortress Investment Group LLC another delay on an auction, as the firm and its lenders continue talks to rework its debt.
In January, creditors who had lent $1.4 billion US to Intrawest effectively seized control of the company and tried to auction off its assets.
That auction was supposed to happen Feb. 19, but was extended until Feb. 26. The new auction date is believed to be March 1, after the Games have ended, if indeed it happens at all.
In 2006, Wall Street hedge fund Fortress bought Intrawest in a $2.8-billion deal. In December, Fortress missed a $524-million debt payment connected to that purchase.
Wall Street firms Lehman Brothers and Davidson Kempner Capital are the primary lenders involved in the process.
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