Vail and others bid to purchase Whistler Blackcomb

Posted By: The Ski Channel on February 18, 2010 3:43 pm

Interesting news coming out of the financial world of the ski industry today. The Globe and Mail reported that Vail Resorts Inc. is one of several bidders trying to get a hold of Intrawest’s Whistler Blackcomb. The Private Equity group Fortress has rejected these offers and is still working on a restructuring plan with creditors. Here’s part of the report:

“Deep-pocketed Vail and a number of other bidders have made offers for the crown jewels in Intrawest’s collection of eight resorts, but Fortress has turned down these pitches. Instead, the New York-based firm is attempting to strike a restructuring plan with creditors that maintains some degree of ownership in a chain it bought four years ago in a $2.8-billion (U.S.) leveraged buyout. An auction for Intrawest is scheduled for Friday in New York.

“There is a standing offer on Whistler from Vail Resorts, but Intrawest isn’t willing to engage, with its own future so unclear,” said one executive with ties to the Canadian and U.S. resort owners.

Executives at Intrawest and Fortress could not be reached yesterday. Vail Resorts declined to comment.

In the past, Intrawest and Fortress have declined to discuss what amounts to the rejigging of a top-of-the-market private equity deal.”