Key 2010 Olympics company refinances before deadline
Last Updated: Thursday, October 23, 2008 | 5:27 PM PT
The Canadian Press
The Whistler-Blackcomb ski resort north of Vancouver will host the alpine ski and sliding events for the 2010 Winter Olympic Games. (CBC) A company that will play a key role in the Vancouver 2010 Olympic Games ended rampant speculation about its financial well-being Thursday by completing a deal to refinance a $1.7-billion loan, hours before deadline.
Intrawest ULC owns and operates major tourism venues across the country but is best known for its Whistler-Blackcomb ski resort, one of the main venues for the Winter Games.
The destination-resort company, headquartered in Vancouver, received unanimous support from its existing lender group Thursday to refinance.
Intrawest CEO Bill Jensen said he's pleased to have reached an agreement with Fortress Investment Group LLC, "particularly given the challenges of the global credit markets."
"The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute our long-term strategic plans," Jensen said in a statement.
"Intrawest has great assets, a sound business model and a solid track record."
Fortress had until midnight Thursday to refinance the debt for Intrawest amid weeks of speculation that the hedge fund wouldn't be able to close the deal in the current world fiscal climate.
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