Intrawest Re-Finance Battle Goes On

The Fortress Investment Group LLC which owns Intrawest, which owns the leading Canadian resorts of Mont Tremblant and recent Olympic venue Whistler, is reported to have reached agreement with its creditors to extend the time it needs to refinance its debt to mid-April.

Previously creditors had threatened to put some of Intrawest's assets up for auction in the middle of the Olympics, following the company's failure to make a final payment on a $1.4 billion loan in December.

The company, which was bought by Fortress at the height of the property boom in 2006, sold its two European developments at Les Arcs and Flaine in France last year and more recently one of its North American resorts, Panorama in British Columbia, Canada, for an undisclosed sum earlier this year.
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