|Intrawest Struggles Through Christmas Season|
|BUSINESS - Finance|
|Written by Lori Knowles / SkiPressWorld.com|
|Tuesday, 29 December 2009 08:37|
Intrawest has had a tough Christmas, missing a $524-million payment on a $ 1.4-billion loan...
The company is in negotiations with lenders concerning debt restructuring, Canada's The Globe and Mail and Bloomberg are reporting.
With ski resort holdings including Blue Mountain, Tremblant, and Whistler-Blackcomb, Intrawest has been struggling with its massive debt since being purchased in 2006 by Fortress Investment Group for $1.8 billion. The '06 bill of sale included Intrawest's $950-million debt.
The 2010 Olympic Games are not expected to be affected by Intrawest's troubles, The Globe and Mail says.
For the Globe's full report: http://www.theglobeandmail.com/report-on-business/intrawest-may-be-closer-to-loan-default/article1410155/