Wednesday, 27 August 2014
Last updated 1 min ago
Jan 29 2010 | 12:08pm ET
The Winter Olympics in Vancouver are set to begin in two weeks and end in four. But during that fortnight, the very ground beneath its feet could change hands.
The battle between a pair of hedge funds over a debt restructuring could come to a head during the 21st Winter Olympiad. Creditors, led by hedge fund Davidson Kempner Capital Management, of ski resort owner Intrawest, which is itself owned by Fortress Investment Group, have placed newspaper advertisements announcing plans to auction off Intrawest’s assets on Feb. 19 in New York. Among those assets is the Whistler Blackcomb resort in British Columbia, which is to host the Olympics’ alpine competitions.
Intrawest is currently late on a US$254 million debt payment, and Davidson Kempner has reportedly balked at Fortress’ bid to maintain a hand in the running of the company.
“Negotiations are still ongoing,” an Intrawest spokesman said. Intrawest added that Fortress was still in control of the resort operator, which owes members of the creditors committee nearly US$1.4 billion.
The Davidson Kempner group is threatening to sell off several other prominent Intrawest ski resorts next month, including Stratton Mountain Resort in Vermont, the Village at Squaw Valley in California and Québec’s Mont Tremblant Resort. Intrawest yesterday struck a deal to sell another British Columbia resort, Panorama Mountain, to a group of local businessmen.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...