Holy cow!
http://www.firsttracksonline.com/News/2 ... owdr-Corp/
I didn't see that one coming. :shock:
http://www.firsttracksonline.com/News/2 ... owdr-Corp/
I didn't see that one coming. :shock:
Admin":3rpjk5qz said:Holy cow!
EMSC":2ezfbmw9 said:Admin":2ezfbmw9 said:Holy cow!
No, that would be Holy Sh*t!
I can understand Intrawests financials need some help (aka debt reduction), but Copper? Seems an odd choice of all of their properties to to me.
jamesdeluxe":npawr5l5 said:So that means the Copper/Winter Park/Steamboat thing is toast?
That's what I'm afraid of... Especially cutting back or canceling the Tucker Mtn cat service (or adding fees to ride it or etc...). Hassle to hike even from the cat drop off point, but usually best snow on the mtn.Geoff":npawr5l5 said:They'll then arbritrarily change the way the resort is operated and chase away 30% of the skier visits.
Tony Crocker":1vlz6w36 said:Any idea how much the Copper/Winter Park/Steamboat thing has contributed to Copper's skier visits or bottom line?
One would think that some lessons might have been learned from the Bachelor and Killington experiences. It will be interesting to see if this one starts out a little smoother.
POWDR didn't make any mistakes there - just ask them.
Tony Crocker":irfct89q said:Any idea how much the Copper/Winter Park/Steamboat thing has contributed to Copper's skier visits or bottom line?
One would think that some lessons might have been learned from the Bachelor and Killington experiences. It will be interesting to see if this one starts out a little smoother.
Tony Crocker":3nxotdr9 said:Some more local input on Powdr Corp and Copper:
Banks seize Whistler, other resort properties, after parent company Fortress Investment misses big debt payment
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.
Intrawest's owner, Fortress Investment Group, lost control after missing a big interest payment to its lenders. The lenders, which include Lehman Brothers and Davidson Kempner, plan to auction off ownership of Intrawest 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.
“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.
The lenders, frustrated by a lack of progress in restructuring the debt, gave notice of the foreclosure to Intrawest on Jan. 8, said a person familiar with the talks. The timing was unrelated to the Olympics, the person said.
In addition to Intrawest, buyers will get stakes in four resorts in Colorado, as well as properties in California, Florida and Vermont. But with the Games only weeks away, the focus is on Whistler.
“We understandably cannot comment on Intrawest's finances beyond our continued support for their efforts to settle outstanding financial matters,” said Dan Doyle, the executive vice-president of construction for the Olympic committee.
“What we can confirm is that Whistler Blackcomb is an important partner in the staging of the 2010 Games and we continue working in very close partnership with them to finalize overall preparations and readiness for the skiing and sliding sport events.”
A source close to the organizing committee said that Fortress was hard to deal with so having Intrawest in the hands of lenders and the receiver acting on their behalf may be a boon.
“The receiver would appreciate the value to the asset of being a successful Olympic mountain,” said the person, who said that Fortress seemed indifferent to the fact that Whistler was to be home to the Olympics.
Intrawest chief executive officer Bill Jensen said that the company is in talks with its lenders, and in the meantime “it's business as usual.”
BigJay":1tyzivd2 said:Was Tremblant sold? I tought it was part of Intrawest...
EMSC":39t3m59m said:And the answer is now clear. Intrawest is being auctioned off in it's entirety. Including Whistler - in the middle of the Olympics...
http://www.reuters.com/article/idCNN2012353320100120?rpc=44
Fortress Investment Group, who owns Intrawest as a subsidiary, missed a .$500M debt payment and the banks apparently have started forecosure and auction of the entire stake in Intrawest...
Brings up many possibilities of someone buying the whole and then selling off the parts later, etc... Could VR buy it's way into one of the better Canadian properties for example (VR can't buy any more in Colo due to DOJ monopoly issues).