Lenders plan to auction Intrawest assets

[daleo]

Banks have started foreclosure proceedings against 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, is facing the prospect of losing control of its flagship resorts after it failed to make a $524-million (U.S.) payment that was due on its debt. 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.

...

“What we can confirm is that Whistler Blackcomb is an important partner in the staging of the 2010 Games and we continue working in very close partnership with them to finalize overall preparations and readiness for the skiing and sliding sport events.”

http://www.theglobeandmail.com/report-on-business/lenders-plan-to-auction-intrawest-assets/article1437922/
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We will know this is really serious if the Harperites start blaming the Chretien or Martin government.

[HeresyLives]

1. Best time to 'go broke'

is when the country is counting on you to host the world.

Harper is probably kicking chairs again tonight. :)

[daleo]

2. Yeah, the Olympics are going to be held ransom

Someone thought of the perfect crime. Taxpayers will get stung another billion or so, though mountains of baloney will be moved to cover up that fact.