Fortress Restructures Olympic Resort Debt

Apr 28 2010 | 7:28am ET

A Fortress Investment Group ski resort company has completed the restructuring of its debt, nearly three months after the end of the Winter Olympics the debt dispute threatened to disrupt.

Whistler Blackcomb ResortWhistler Blackcomb ResortIntrawest said yesterday that it has refinanced the US$1.2 billion in debt it defaulted on in December, repaying its creditors and winning a new loan that comes due in 2014. Terms of that loan were not disclosed.

Fortress finally reached a deal with its creditors after the Winter Olympics in Vancouver. Those creditors had threatened to begin auctioning its assets during the games, including British Columbia’s Whistler Blackcomb Resort, home to the Olympics’ alpine events.


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