Olympic venue bankruptcy staved

Posted By: Steve Bellamy on February 26, 2010 11:58 pm

It looks like Whistler Blackcomb, one of the greatest ski resorts in the world will continue to be owned by Fortess Investment Group.  Rumors have been swirling around at this years Olympics that the lenders including Lehman Brothers were taking advantage of a missed payment from Fortress to take back the resort and sell it on the open market.  Many insiders thought Vail Resorts would likely swoop in a add its first non-US ski resort.  Vail Resorts owns some of the best ski resorts in the world including Vail, Beaver Creek, Breckenridge, Keystone and Heavenly.

The terms supposedly include Fortress making a $150 million dollar payment, getting an extended maturity date, a write down of a couple hundred million dollars and a higher interest rate.  The exact details should surface shortly.  The situation occured from debt taken out by Fortress when it acquired Intrawest and was solely related to timing and environment as opposed to the ski resorts performance.