Olympics At An End, Fortress Gets Ski Reprieve

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.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note