Initially, speculation was that Fortress Investment Group (FIG) would be able to refinance the debt from their deal for Intrawest ski resorts. Now, maybe not.
From the New York Post:
Wes Edens’ embattled Fortress Investment Group may be forced to arrange a bankruptcy today for Intrawest – a ski resort owner that the alternative investment manager bought two years ago for $1.8 billion.
Sources told The Post that while a majority of the lenders behind the $1.7 billion in debt that Fortress used to acquire Vancouver, British Columbia-based Intrawest support a restructuring of the debt, a handful are resisting amid the protracted credit crisis. In order to move forward with a restructuring, all lenders have to agree to the plan, sources said.
Without it, Fortress might have to turn to a prepackaged bankruptcy for Intrawest, which owns the Whistler ski resort in British Columbia. The company has been whacked by cash-strapped consumers cutting back on ski vacations.
“Prepackaged bankruptcy” makes me think of, say, frozen dinners, but it also makes me think that pretty soon you’ll be able to go on the Internet and download rudimentary restructuring contracts for like $19.95. Any of my legal-counsel readers want to get in on this?
Lolo, ESQ // Oct 23, 2008 at 10:32 am
are those PBR skis?
alyx // Oct 23, 2008 at 10:36 am
there will be no PBR skis until you win them from Skiing with your epic tales of beer, sex and bacon
Lolo, ESQ // Oct 23, 2008 at 1:06 pm
OMG i have an epic tale to tell
LOLFED // Oct 23, 2008 at 9:36 pm
[...] exceptional level of service they have come to expect from our resort properties.” There was speculation earlier today that the deal would fall through and Fortress Investment Group (FIG) would have to consult the Pop-Up Book of Bankruptcy for an [...]
LOLFed » Edra Blixeth’s Alimony Failboat // Nov 12, 2008 at 10:16 am
[...] I expected to go bankrupt was the Fortress-owned Intrawest property, and I chronicled that one here pretty extensively. So, surprise this morning when I wake up and I see that Yellowstone has filed Chapter [...]