Buy a Ski Resort Campaign : INTRAWEST IN FORECLOSURE!

by Chris Rudden on January 20, 2010

in Business,No Way!,Opinion,vancouver

With Intrawest in foreclosure, WhistlerBlackcomb is for sale

Hey guys, ever wanted to buy WhistlerBlackcomb? Well, now you can!

Not ‘Flirting’ anymore, it is full on Foreclosure Porn!

A couple of hours after our last story, Intrawest Flirts with Foreclosure, INTRAWEST IS ACTUALLY NOW IN FORECLOSURE! … and, it’s a good thing … especially if you wanted to buy WhistlerBlackcomb, or were worried the former owners, Fortress Investment Group, could stop the Olympics from happening at Whistler.

“Banks have seized 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 … 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.”(*1)

“Each qualified bidder must be a financial institution or other entity that has the financial wherewithal to purchase the membership interests in immediately available funds on the closing date,” the notice said. (*1)

Powder Day!

So, while Fortress seemed almost indifferent to holding the Olympics at their former resort, even threatening to block the Olympics if Vanoc didn’t give them some money; the creditors, on the other hand, have every incentive to highlight their flagship property before the auction on Feb.19, 2010. In other words, Olympics here we come. As a former Ski Resort Management type, I might just put in a bid …

More to come …

[In the meantime, for a better backround on this story, please read, Intrawest spells 'Trouble'?, and Intrawest Flirts with Foreclosure]

[This story continues, "Intrawest ULC has sold its Panorama Mountain Village", in Tricks are Turning, Intrawest assets go Freestyle]

Sources:

1. Lenders foreclose on Intrawest, Globe and Mail, Jan.20, 2010

Tagged as: Business, Foreclosure, Intrawest, Intrawest in Trouble, Skiing, snowboarding, vancouver

  • Really? No offense but you need a class in finance 101. The holding company of an operating company, both owned by a parent holding company, don't quite suddenly "go up for sale" when a controlled bankrupcy proceeding initiates. Especially when the operating company is spinning off positive cash the holiding company that own the holidng company that owns the operating company needs. This proceeding is just a good way to rid themselves of the dept that some sucker bought from Lehman brothers during their bancrupcy. Fortress knows their stuff and will make out like kings from this...

  • What's your source Captain Whistler?

    The language used in our story's direct quote, from an outside source, has now changed from its' original form, and reports have now changed to getting "indirect ownership of property and stakes in resorts such as Whistler Blackcomb"(Bloomberg). The original source still states, "Banks have started foreclosure proceedings against Intrawest Holdings ... and now plan to auction the company off right in the middle of the Games"(Globe and Mail). So, have lenders not seized the assets of Intrawest Holdings? In this particular case, we are forwarding what others have written. But, there seems to be some misleading information out there, for sure.

    In the end, all the general public really wants to know, is whom will be retaining or taking over ownership of the assets, ... and, perhaps, how does it affect them?

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