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

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...