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Intrawest turns the corner

A barn near Intrawest resort Steamboat Springs in Colorado.

It seems things may be turning around for Intrawest’s after it’s parent company’s rough financial year.

The resort operator of Whistler/Blackcomb announced this week that it has completed refinancing its previously outstanding debt payments.

Owner Fortress Inc. missed debt payments in December that led to a threat of auction from lenders. This auction was scheduled to occur in the middle of the 2010 Olympic Games. Since that time Fortress Investment Group, Intrawest’s primary creditors, have been working with lenders to restructure the $1.4 billion borrowed in 2006 that Fortress used when purchasing Intrawest.

This week Fortress Investment Group says it has repaid their prior lenders in full and completed a new loan that is scheduled to mature in 2014. The details and terms of the new loan have not been fully disclosed. In early March it was reported that the new debt restructuring requires Fortress to invest more equity directly into the company.

In addition to Whistler/Blackcomb, Intrawest also owns and operates Steamboat and Winter Park in Colorado, Mountain Creek in New Jersey, Blue Mountain in Ontario, Mont Tremblant in Quebec, Stratton Mountain in Vermont, and the heli-skiing company, Canadian Mountain Holidays.

Article by Erik Ramstad

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