Fortress Gets Another Week To Deal On Olympic Ski Resort

Feb 19 2010 | 1:13pm ET

Creditors of a winter resort company owned by Fortress Investment Group won’t be selling its most high-profile asset just yet.

The Whistler Blackcomb Resort in British Columbia was set to go on the auction block yesterday, even as it is hosting the Winter Olympics’ alpine events. Whistler Blackcomb ResortWhistler Blackcomb ResortBut a deal between Fortress and its creditors gives the New York-based alternative investments giant another week to reach an agreement with lenders that have declared it in default on US$524 million in debt payments.

But Intrawest, the resort owner, isn’t out of the Olympic woods just yet: Its creditors have set a new auction for Feb. 26—next Friday—two days before the Olympics’ closing ceremony in Vancouver.

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