Fortress Investment Group, a publicly traded hedge fund, is seeking to refinance $1.68 billion in debt due next week by Intrawest, the Canadian based ski resort company that owns Whistler Blackcomb, London Financial Times reported.
Fortress, which controls Intrawest via a $1.37 billion equity stake, has approached potential and existing lenders to discuss refinancing $1.4 billion of Intrawest’s senior debt, which is trading at 70 cents on the dollar, the Times reported.
According to the Times, Fortress is putting in $100 million of additional capital to preserve it’s equity’s value.
Intrawest’s resorts include Whistler Blackcomb, Snowshoe, Stratton and Steamboat, among others.
