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Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

Olympic Ski Venue Avoids Foreclosure


Posted on Mar 12, 2010

It seems that Whistler-Blackcomb, considered one of the greatest ski resorts in the world, will avoid foreclosure and continue being owned by Fortress Investment Group. During the 2010 Winter Olympics, rumors have been swirling that lenders, including Lehman Brothers, were taking advantage of a missed payment from Fortress to take back the resort and put it up for sale on the open market.

Many insiders believed that Vail Resorts would likely purchase Whistler, where several Olympic events were held. Vail owns some of the ski resorts considered to be the best in the world, including Vail, Beaver Creek, Breckenridge, Keystone, and Heavenly.

Supposedly, the terms include Fortress making a payment of $150 million, receiving an extended maturity date, and writing down a couple hundred million dollars and a higher interest rate. The specific details are expected to emerge soon.

The situation was the result of Fortress taking out debt when it acquired Intrawest and was solely related to timing and environment, rather than the performance of the ski resort.

 

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