According to a story in the Wall Street Journal Intrawest owner Fortress Investments LLC has reached an agreement with creditors to restructure its $1.4 billion debt and will not be auctioning off equity today.
The Wall Street Journal reports that the new deal will allow Intrawest owner Fortress to inject an additional $150 million of equity into the business to pay down debt and retain control of the resort company. . . The report also indicates a new $1.2-billion loan package will extend debt maturities by as long as four years and will charge a higher rate of interest than existing debt.
If you subscribe to the WSJ you can read all the details.
[Link: Wall Street Journal and Canadian Business]
