Saturday, 23 July 2016
Last updated 23 hours ago
Jan 4 2010 | 9:29am ET
An icy battle between a pair of hedge funds is casting a shadow over one of the central venues of this year’s Winter Olympics in Vancouver.
Davidson Kempner Capital Management and Fortress Investment Group are sparring over the restructuring of Intrawest, the Fortress-owned resort company that owns the British Columbia ski resort set to host the Olympic’s alpine competions. Davidson Kempner, which leads troubled Intrawest’s creditors’ committee, has balked at Fortress’s bid to keep a hand in the running of the company, despite the fact that its equity stake is all but worthless. Negotiations between the two sides are at an impasse, the New York Post reports.
Intrawest is currently late on a $254 million debt payment.
The Post reports that both sides may be waiting for the Canadian government to step in to avoid a bankruptcy filing prior to the start of the Winter Games, set for Feb. 12.