{"id":13272,"date":"2010-01-20T10:25:19","date_gmt":"2010-01-20T18:25:19","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=13272"},"modified":"2010-01-20T13:18:14","modified_gmt":"2010-01-20T21:18:14","slug":"creditors-foreclose-on-intrawest","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=13272","title":{"rendered":"Creditors Foreclose On Intrawest"},"content":{"rendered":"

\"Intrawest\"<\/a>Creditors have foreclosed<\/a><\/strong> on Intrawest<\/a><\/strong> and are auctioning off equity in the company on February 19, 2010, according to a story in The Globe & Mail<\/a><\/em><\/strong>.<\/p>\n

Banks have seized Intrawest Holdings, the owner of the Whistler ski resort that’s hosting the Olympic downhill races next month, after the resort operator missed a big debt payment, and now plan to auction the company off right in the middle of the games. . . Intrawest’s owner, Fortress Investment Group, lost control after missing a big interest payment to its lenders. The lenders, which include Lehman Brothers and Davidson Kempner, plan to auction off ownership of Intrawest on Feb. 19, according to a notice published in major newspapers. The first events of the games are scheduled for Feb. 12 and the closing ceremony is set for Feb. 28.<\/p><\/blockquote>\n

[Editors’ note<\/strong>: The following was our original post from earlier today] Investors who have loaned Intrawest<\/a><\/strong> close to $1.4 billion dollars say they may foreclose on the resort operator next week according to a story in the New York Post<\/a><\/em><\/strong>.<\/p>\n

Sources tell The Post that creditors holding $1.4 billion of debt on Whistler owner Intrawest are planning to foreclose on the company within the next week and a half, casting a shadow on the resort, which will host the alpine events of the 2010 Olympics. “It will probably happen within 10 days,” a source said. . . The showdown comes amid an impasse between the estate of fallen investment bank Lehman Brothers<\/a><\/strong>, Intrawest’s largest creditor, and Intrawest owner Fortress Investment Group<\/a><\/strong>, the publicly traded hedge fund run by Wesley Edens. . . By forcing Intrawest into bankruptcy, Lehman and other creditors could raise several billion dollars repossessing Intrawest and selling off its various resorts.<\/p><\/blockquote>\n

Luckily, all the snowboard events are taking place at Cypress Mountain<\/a><\/strong>. . . where last week they closed because there is no snow<\/a><\/strong>. But not to worry. They still have 23 days to load up.<\/p>\n

[<\/strong>Globe & Mail Update: Creditors have foreclosed on Intrawest<\/a><\/strong> (Thanks, Skin)]<\/strong><\/p>\n

[<\/strong>BusinessWeek Update<\/a><\/strong>: <\/strong>Creditors to auction off Equity in Intrawest Resorts on February 19, 2010<\/a><\/strong>]<\/strong><\/p>\n

[Link: <\/strong>New York Post<\/a><\/strong>]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Creditors have foreclosed on Intrawest and are auctioning off equity in the company on February 19, 2010, according to a story in The Globe & Mail. Banks have seized Intrawest Holdings, the owner of the Whistler ski resort that’s hosting the Olympic downhill races next month, after the resort operator missed a big debt payment, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[14,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/13272"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13272"}],"version-history":[{"count":8,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/13272\/revisions"}],"predecessor-version":[{"id":13290,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/13272\/revisions\/13290"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13272"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}