Lenders plan to sell the resort company’s debt, which includes Steamboat and a Winter Park operations pact

Lenders plan to auction their stake in resort company Intrawest during next month’s Winter Olympics at Intrawest’s flagship Whistler Blackcomb resort.An ad in Tuesday’s Wall Street Journal announced a public auction of Intrawest’s debt, which covers the resort company’s properties — including Steamboat ski area and a 50-year contract with the city of Denver to operate Winter Park ski area. The Feb. 19 auction falls in the middle of the Winter Olympics, for which Intrawest’s Whistler Blackcomb is hosting several alpine skiing events.Intrawest’s corporate owner, New York hedge fund Fortress Investment Group, last fall missed a $524 million payment on a $1.4 billion debt. Since then, the fund has been negotiating with its lenders — reportedly the defunct Lehman Bros. and hedge fund Davidson Kempner.Fortress acquired British Columbia-based Intrawest in 2006 in a leveraged buyout worth $2.8 billion. In early 2007, the company bought Steamboat ski area for $239 million. Last month, Intrawest completed the sale of its Copper Mountain ski area to Utah’s Powdr Corp. for an undisclosed amount.
By Jason Blevins, Jan 21, 2010 Denver Post

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