Tuesday, 25 November 2014
Last updated 2 hours 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...