Lenders have postponed until next week a foreclosure auction of the Whistler Blackcomb ski resort hosting Winter Olympics events, several media outlets reported.
Creditors of Intrawest Holdings, which owns stakes in Whistler Blackcomb, agreed to delay the auction from Friday until Feb. 26, two days before the end of the Olympics, according to reports by Reuters and Bloomberg.
The agreement postpones the auction until after the men’s combined downhill event, scheduled to end Monday on the slopes of Whistler Blackcomb.
Intrawest and its owner, U.S. private equity equity firm Fortress Investment Group LLC have been negotiating with creditors for weeks in hopes of avoiding a foreclosure on a $1.4 billion loan Fortress used to buy Intrawest in 2006.
