Intrawest, the resort company whose Whistler-Blackcomb ski resort will host Winter Olympics ski competitions next year, faces a massive debt payment today.
Bloomberg News reported early Wednesday that Intrawest's owner Fortress Investment Group LLC, was negotiating with lenders who helpe finance Fortress's $1.8 billion acquisiton of the resort company in August. 2006. Bloomberg said Intrawest could be pushed “nearer to default if it fails to make the $524-million payment.”
Flagging sales of real estate at Intrawest resorts have hurt Intrawest earnings since its acquisition.
Fortress said Dec. 17 it would not pay a dividend in the fourth quarter of 2009. The Board elected to retain capital for potential future investment opportunities and for working capital purposes.
