No Deal: Fortress Still In Talks With Intrawest Creditors

Mar 4 2010 | 6:44am ET

The Fortress Investment Group-owned ski resort operator in default on more than $500 million in debt is denying reports that a deal has been reached to allow the private equity giant to keep control of the company.

Media reports on Friday indicated that Fortress had struck a deal with its creditors to avoid a foreclosure auction of British Columbia’s Whistler Blackcomb Resort, which hosted the alpine events for the Winter Olympics last month. But an Intrawest spokesman told the Whistler Question that no agreement has been reached at that discussions with creditors are continuing.

The reported deal would see Intrawest restructure some $1.2 billion in debt, with Fortress pouring in $150 million to pay down some of it.

Intrawest’s creditors had planned to auction off the Whistler resort on Friday, two days before the Olympics closing ceremony in Vancouver.

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