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

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...