Seems like getting a whole lot of money is much easier than getting a little in this credit crisis. Intrawest, the company that owns Whistler Blackcomb and other resorts had a $1.7 billion debt coming due yesterday and luckily they were able to refinance it just in time.
We are very pleased to have reached an agreement with our lenders, particularly given the challenges of the global credit markets,” said Bill Jensen, chief executive officer at Intrawest. . . “The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute on our long-term strategic plans. . . . Intrawest has great assets, a sound business model and a solid track record. We are preparing for another successful winter season and look forward to providing our resort guests and homeowners with the exceptional level of service they have come to expect from our resort properties.”
Just wait until the Vancouver Olympics roll out of town. Then we’ll all see how “sound” and “solid” Intrawest looks. Enjoy the next couple years. . .
[Link: Canada.com]
