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Whistler Avoids Olympic Foreclosure

Whistler Avoids Olympic Foreclosure

[ Fri, 2010-02-19 16:38 ]
Riding the Rails, Whistler Blackcomb
An auction offering the sale of Intrawest assets, including Olympic venue Whistler, that was scheduled for today has been postponed

Some non-Olympic news coming out of Whistler, B.C. In case you hadn't heard, Whistler-Blackcomb is for sale; meanwhile Whistler's owner, Intrawest, is fighting to keep the resort. Intrawest owners Fortress Investment Group missed the final payment on a $1.4 billion loan last year, and its big-bank creditors started foreclosure proceedings against the group. But Intrawest, which operates the B.C.-based resort along with Colorado's Steamboat and Winter Park, has been reorganizing its finances, hoping to hold on to North America's biggest ski playground after last year's bad financial patch. An auction of Intrawest's assets -- including Whistler -- was scheduled for today, just as the Olympic Men's Super G competitors would have been hurtling down Whistler's slopes. But last-minute talks delayed any action until next week; Fortress is said to be negotiating a payment plan to avoid bankruptcy or foreclosure.