VANCOUVER — Vancouver-based Intrawest ULC and its owner, New York-based Fortress Investment Group LLC, have been given an extension from creditors on the foreclosure auction scheduled for last week and now set for Feb. 26. The lender, led by New York-based investment bank Lehman Brothers Holdings Inc., have sought control of Intrawest since it missed a final payment in December on a US$1.4-billion loan. Intrawest ULC owns, among other assets, the Olympic skiing venue Whistler Blackcomb, Mont Tremblant in Quebec and Stratton Mountain in Vermont.
Intrawest has been selling off assets to pay down its debt. Most recently, it sold Panorama Mountain Village in British Columbia and Sandestin Golf and Beach Resort in Florida to raise about US$65 million. Other Intrawest sales included Copper Mountain in Colorado for about US$100 million and Squaw Valley ski resort and the The Village at Squaw Valley in California for an undisclosed amount.