 |
Intrawest Holdings, the company hosting upcoming Olympic races in Whistler, B.C., will have assets on the auction block next month.
Bank lenders will sell off their ownership share of Intrawest right in the middle of the Games at a public auction on Feb. 19, according to a notice published in major newspapers.
Intrawest owns and operates ski resorts including Whistler Blackcomb and Mont-Tremblant in Quebec as well properties in California, Colorado, Florida and Vermont.
Private equity firm Fortress Investment Group LLC acquired Intrawest for $2.8 billion US back in 2006 and leveraged the buyout with a $1.7 billion US loan in 2008.
Last month, Intrawest told QMI it was up to date on its debt payments and confirmed it was in "active" talks with lenders to refinance a term loan.
"Intrawest is generating strong cash flow from its resorts, is well capitalized and core ski operations are off to a very good start this season," Intrawest Chief Executive Bill Jensen said in an e-mailed statement at the time.
The 2010 Vancouver Olympic Games is scheduled for Feb. 12 to Feb. 28.
A spokesperson from Intrawest was not immediately available for comment.