"Intrawest has $1.68 billion in debt due today (Oct. 23, 2008). It is a possibility that Fortress Group International, which acquired Canada-based Intrawest two years ago, may have to arrange for Intrawest's bankruptcy."
A report in the New York Post hinted Fortress could be forced to "chip in about $200 million to help Intrawest." The New York Post reported in today's editions that "the problems with Intrawest couldn't come at a worse time for Fortress, which has also been tackling problems with its $18 billion hedge-fund business." The Post noted Fortress' shares have sunk 80 percent so far this year and dropped by more than 17 percent yesterday (Oct. 22, 2008) to $3.90.
Ian Galbraith, Intrawest Director of Corporate Communications and Media Relations said [the company] "is working towards a solution".
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Not sure at this point how this would affect Intrawest resorts. Steamboat is our only Intrawest destination this year. Other Intrawest resorts include Whistler/Blackcomb, Copper Mtn, and Winter Park.
