Breaking News: Lenders foreclose on Intrawest
January 20, 2010
Intrawest’s creditors are seeking to auction off equity stakes in the company next month, according to reports from major media outlets. Public notices of the sale were published in major major newspapers Tuesday, including the Wall Street Journal.
The move comes after Intrawest’s parent company Fortress Investment Group reportedly failed in December to make the final loan payment on a $1.4 billion levereged buyout, according to reports by Reuters, Bloomberg and other media sources today.
A statement from Intrawest released late this afternoon calls some of Wednesday’s media reports on the issue “inaccurate and misleading”:
“Fortress Investment Group continues to own and control Intrawest and all of its properties. Serious discussions with Intrawest’s lenders are ongoing regarding refinancing and the company continues to operate ‘business as usual’ at all of its resort properties,” the release states.
Intrawest operates Winter Park Resort on behalf of the City of Denver, which owns the facility, It also owns Steamboat ski resort and Whistler in Canada where the 2010 Winter Olympics will begin in a matter of weeks.
This story will be updated as more information becomes available.