Ski resort operator Intrawest refinances debt

Posted By: The Ski Channel on April 28, 2010 6:28 am

Vancouver (BC), Canada – Ski resort operator Intrawest, whose flagship property Whistler Blackcomb was threatened with foreclosure by U.S.-based creditors during the 2010 Olympic Winter Games, announced on Tuesday that it has refinanced its corporate debt which was due in December 2009. The company repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014. Terms of the new loan were not disclosed.

Intrawest, based in Vancouver, had been negotiating with lenders to refinance the $1.7 billion in debt taken on when Fortress Investment Group of New York purchased the Canadian company in 2006.

In addition to Whistler Blackcomb in British Columbia, Canada, Intrawest operates the ski and snowboard resorts of: Steamboat and Winter Park, Colo.; Stratton, Vt.; Mountain Creek, N.J.; Snowshoe, W.V.; Blue Mountain, Ontario, Canada; and Tremblant, Quebec, Canada. It also operates Whistler Heli-Skiing and Canadian Mountain Holidays, both of which operate in British Columbia, Canada, as well as numerous hotel properties. During the past winter season Intrawest sold its interests in its Copper Mountain, Colo. and Panorama, British Columbia, Canada ski resorts, as well as Sandestin Golf and Beach Resort in Florida and the Village at Squaw Valley, Calif., to pay down debt.