It appears the troubled company which owns major North American ski resort operator Intrawest has been granted another chance to survive.
The Fortress Investment Group LLC owns Intrawest, operator of leading Canadian resorts of Mont Tremblant and recent Olympic venue Whistler. Fortress is reported to have reached agreement with its creditors to extend the time it needs to refinance its debt through to mid-April.
Creditors had threatened to put some of Intrawest’s assets up for auction in the middle of the Olympics, following the company’s failure to make a final payment on a $1.4 billion loan in December.
Intrawest, which was bought by Fortress at the height of the property boom in 2006, has already sold its two European developments at Les Arcs and Flaine in France as well as one of its North American resorts, Panorama in British Columbia, Canada.