by The Editors on February 1, 2010
Fortress Investment Group, the parent company of Whistler-Blackcomb owner Intrawest, is reportedly trying to fight off foreclosure by offering cash to lenders, according to sources quoted in the New York Post. On top of that, they’re trying to get $90 million which they say the Canadian government owes them.
Fortress says it is negotiating with the Canadian government, which it says promised to make it whole for the time Whistler/Blackcomb mountain is used for the Olympics. Intrawest is trying to get roughly $90 million, and wants to be paid before the Games start on Feb. 12, a source said. . . If it does not get paid, Fortress plans to start legal proceedings, the source added. It is unclear if that could disrupt the Winter Olympics.
It appears that even the Winter Olympics have some high hurdle events.
[Link: New York Post]
by The Editors on January 12, 2010
As if Intrawest’s financial problems are enough of a mark on the 2010 Vancouver Games, Cypress Mountain, the resort that will be hosting the snowboard events closed yesterday for lack of snow, but that’s okay. Apparently artificial snow is better. . .
Rain and warm temperatures forced Cypress Mountain, the Vancouver ski resort that will host the freestyle skiing and snowboarding events at next month’s Winter Olympics, to close Monday, but officials promise there will be plenty of snow for the Games. . . .”Right now we have all the snow that we need on the competition area,” said Tim Gayda, the vice-president of sport for the Vancouver Olympic Games Organizing Committee. “The nice thing about artificial snow is it’s more resilient and actually stands up better to this kind of weather.
Apparently, it’s Canadian super artificial snow. Right. . .
[Link: The Toronto Star]
by The Editors on November 17, 2009
by The Editors on April 24, 2009
Whistler Blackcomb’s President and COO Dave Brownlie says that while he can’t comment on Intrawest or its owner Fortress Investment Group, LLC and how the companies are going to solve their $1.7 billion debt crisis, he doesn’t think Whistler Blackcomb will be sold, according to a story in Pique News Magazine.
“I can say that Whistler Blackcomb is seen as a core asset to the success of Intrawest,” said Dave Brownlie on Tuesday afternoon. . . “As a result, I am very confident that Whistler Blackcomb is not up for sale at this time.”
Sounds like something we’ve heard from more than a few CEOs on the eve of a sale.
[Link: Pique News Magazine]
by The Editors on March 11, 2009
Just got an invitation to Chill’s 10th Anniversary Pizza Party at the US Open of Snowboarding and it reminded us how much late-night at Stratton Mountain sucks.
After standing around The Grizzly one night yelling into the ear of the Right Coast’s most skilled advertising peddler and listening to a New York City magazine editor tell people how much money they’ll make from “just one mention in my mag” (all with painfully loud dj shrapnel blasting) there’s nothing we wanted more than a quiet late night snack. Guess what? Not a lick of food anywhere.
On the way back to our room we noticed a stack of pizza boxes flowing out of a trash can and couldn’t help but check. . . yep. Three pieces of cheese pizza. Thanks, Chill. You changed our lives.
Fortress Investment Group, the parent company of Whistler-Blackcomb owner Intrawest, is reportedly trying to fight off foreclosure by offering cash to lenders, according to sources quoted in the New York Post. On top of that, they’re trying to get $90 million which they say the Canadian government owes them.
