Olympics At An End, Fortress Gets Ski Reprieve

Mar 1 2010 | 4:51am 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

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of