Intrawest Successfully Refinances
Intrawest Successfully Refinances
Published : 04-May-2010 07:47
Intrawest, one of the world's largest ski area operators, has successfully refinanced its corporate debt, paying off existing creditors with a new loan due to mature in 2014.Intrawest owns eight major North American ski areas, a number which has declined in the past 18 months as the company has sold off properties as it struggled to pay interest due to creditors. After several last-minute agreements in late 2008, followed by the company's apparent inability to meet debt repayments required in December last year, the fears of creditors went public and hit world headlines in February this year when a group of them advertised Intrawest's assets for sale by auction during the 2010 Olympics at Intrawest's flagship Whistler Blackcomb resort.
The new finance package, details of which are not being made public, should offer the company a period of stability as the North American ski industry sees marked signs of recovery during the 2009-10 season.
Intrawest had sold its European ski resort interests in the French resorts of Les Arcs
and Flaine and abandoned another project for a development near Verbier in Switzerland. They also sold their interests in Panorama resort in British Columbia and Copper Mountain in Colorado, USSA.
However along with 2010 Winter Olympic host venue Whistler Blackcomb the company continues to operate the leading East Coast resort of Tremblant, in Quebec, as well as Steamboat and Winter Park in Colorado, Stratton in Vermont, Mountain Creek in New Jersey, Snowshoe in West Virginia and Blue Mountain in Ontario, Canada.
Courtesy of and © Snow24 plc
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