Intrawest In Talks with Lenders on Financing

NEW YORK (Reuters) – Intrawest Holdings, the Canadian ski resort operator which owns stakes in the Whistler Blackcomb site of Olympic downhill events, is still in discussions with its lenders regarding refinancing options, a company spokesman said on Monday.

The company, which is owned by private equity firm Fortress Investment Group LLC (FIG.N), has been in talks over the $1.7 billion in debt it took on when it bought the resort operator in 2006.

Fortress has reached a deal to restructure the debt, the Wall Street Journal reported on Friday. The firm will inject some $150 million additional equity into the business, but it will retain its entire stake, the Journal said, citing people familiar with the matter.

Intrawest spokesman Ian Galbraith said in an email on Monday that there had been no official statements issued by Intrawest, Fortress or the lender group on that topic.

“Fortress Investment Group continues to own and control Intrawest and all of its properties,” said Galbraith in the email. “Discussions with Intrawest’s lenders are ongoing regarding refinancing and the company continues to operate ‘business as usual’ at all of its resort properties.”

Among Intrawest’s other holdings are Stratton Mountain in Vermont, Winter Park in Colorado and Whistler Blackcomb in British Columbia. It has sold other resorts in recent months as it reorganizes its finances, and on Monday said it sold Squaw Valley in California last month. (Reporting by Chelsea Emery; editing by Carol Bishopric and Gunna Dickson)