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New reports are surfacing today (Thursday, Feb. 18) that the auction planned in New York tomorrow for Intrawest’s assets could be delayed a week.
Fortress Investments, which bought Intrawest in 2006, continued “intense” talks with its creditors yesterday, hoping to find a solution before Friday’s auction, according to Canadian Press. Fortress is trying to maintain control of Intrawest to realize the full potential of the investment, CP reported today.
Bloomberg News is suggesting the auction has been moved to next Friday (Feb. 26).
Meanwhile, the Globe and Mail is reporting that Vail Resorts is currently the top bidder for Whistler Blackcomb (WB), which is considered the jewel in Intrawest’s holdings. Several bids have come in for WB, which have all been turned down as Fortress attempts to restructure its debt, according to the Globe.
WB could be worth as much as $500 million, CP reported.
The auction of Intrawest’s assets was scheduled following missed debt payments that date back to October. Analysts have said the auction notice was likely a pressure tactic, according to CP.
Several Intrawest holdings have been sold in recent months — most recently Sandestin Golf and Beach Resort in Florida on Feb. 9. Ski resorts Copper Mountain in Colorado and Panorama, B.C., as well as real estate holdings at Squaw Valley, Calif. have also been sold.
So far, the financial woes of Fortress and Intrawest haven’t impacted the 2010 Games in Whistler, aside from attracting international media attention.
