Fortress gets 2nd extension from creditors
February 26, 2010
Fortress Investment Group LLC, whose ski-resort operator Intrawest ULC owns Olympic Alpine skiing venue Whistler Blackcomb, won a second extension from creditors of a foreclosure auction that had been scheduled for today, said a person with knowledge of the agreement. Lenders agreed to push the sale to March 1.
Intrawest is the parent company of Steamboat Ski and Resort Corp., and the company operates Winter Park ski area for Denver.
According to a report from Bloomberg, Lehman Brothers Holdings Inc. is among creditors seeking control of Vancouver-based Intrawest since it missed a final payment on a $1.4 billion loan due Dec. 23. The lenders' administrative agent originally set Feb. 19 for the auction before granting a one-week extension.