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Olympic alpine venue faces auction

Winter Olympics 2010 venue Whistler ski resort faces being sold mid-way through the games after creditors issued a notice to auction off the assets of its owner Intrawest.

 

 

The firm's lenders, including Lehman Brothers and Davidson Kempner Capital Management, have put out a public notice of foreclosure in newspapers saying the auction is to be held on February 19.

 

The Whistler resort in British Columbia, Canada, is hosting the Olympic downhill and the sale would come right in the middle of the games, which run from February 12 to 28. Other Intrawest properties include the Whistler Sliding Centre, home to the bobsleigh and luge events. But the firm said the Olympic events will go ahead as planned and that none of its properties had been seized. It added that Intrawest parent firm, Fortress Investment Group, continues to own and control all its properties.

 

Intrawest spokesman Ian Galbraith said the posting of the notice was a normal practice among lenders during refinancing discussions. He added: "No foreclosure has happened. We're looking forward to the success of the games." But the creditors indicated in the notice that they were hoping for an immediate sale in a single transaction.

 

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