VANCOUVER - Lenders have seized the assets of Intrawest ULC, including the Whistler ski resort that will be home to the Olympic downhill races next month, sparking uncertainty about whether the Games will still be held on the property.
A public notice has been posted in newspapers by the company's lenders, which include Lehman Brothers, saying that an auction to sell the assets will be held on Feb. 19, right in the midst of the Olympics.
Vancouver-based Intrawest, which is owned by New York private equity firm Fortress Investment Group LLC, reportedly missed payments last month that were due on a US$1.4-billion loan.
Intrawest has been struggling with financial problems since it was bought by Fortress in 2006 for US$2.8 billion in cash and debt.
The deal was a leveraged buyout with a $1.7-billion loan which came due in late 2008, around the time when the financial meltdown hit.
Intrawest has sold several assets in order to meet the payments, including a resort at Copper Mountain, Colo., and two resorts in France.
Calls to the company were not immediately returned.
Intrawest assets seized by lenders, including Olympic ski resort in Whistler
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Published on
January 21, 2010
- Published on February 24, 2010
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