Whistler Avoids Olympic Foreclosure
Whistler Avoids Olympic Foreclosure
[ February 19, 2010 - 3:38pm ]
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.
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I cannot believe that this resort may go into foreclosure. I really thought the resort was doing so well. I guess looks are very deceiving until you look at the books. I really hate this is happening.
Interesting.. Colorado is facing foreclosures as the same as other places in US. Actually, we are in a complicated moment for sure, this is not good.