According to a story in The Globe And Mail Intrawest missed a $524 million payment to lenders due on Wednesday, December 23, 2009 and are currently in “continuing negotiations with the lenders.”
“Intrawest continues to be in active dialogue with our lenders regarding refinancing a term loan,” chief executive officer Bill Jensen said in a statement. . . Mr. Jensen said Intrawest’s customers at its resorts and property developments as well as Olympic organizers shouldn’t expect any changes, regardless of the negotiations on the loan payment and restructuring. . . “It is business as usual for Intrawest and we are providing our customers and homeowners with the memorable experiences that they have come to expect when they visit our resorts, and will continue to do so regardless of the outcome of these discussions,” he said.
Well, let’s hope it’s not exactly business as usual.
[Link: The Globe and Mail]
