Tuesday, 16 September 2014
Last updated 9 hours ago
Mar 1 2010 | 3:51am ET
The Winter Olympics are over, but Fortress Investment Group’s ownership of the ski resort that hosted the games’ alpine events is not.
The New York-based private equity giant struck a last-minute deal with its creditors to avoid a foreclosure auction of British Columbia’s Whistler Blackcomb Resort, originally scheduled for Friday. As part of the tentative agreement, Fortress-owned Intrawest will restructure some $1.2 billion in debt. For its part, Fortress will have to inject another $150 million into Intrawest to pay down some of the debt it defaulted on in December, and Intrawest will pay higher interest rates.
The debt restructuring agreement may not be finalized until April.
Intrawest’s failure to make the December payment cast a pall over the Vancouver Olympics, which ended yesterday: The creditors threatened twice to auction off the Whistler resort during the games.
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…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?