Apparently the chaps that own Whistler - Blackcomb are behind in their payments and the chap holding the mortgage wants to be paid in two weeks or he says Olympics ain't going to happen there. Anyone else heard anything?
Are the Olympics in peril?
- Thread starter JLM
- Start date
I haven't heard myself but it sounds like it could be the funniest thing to happen if it was so. I trust our team has trained to ski on Repo Mountain.
I think you may be on to something here, JLM. This is what I dug up.
"The Intrawest ski resort company has $1.68 billion in debt due Oct. 23, and the company's owner, New York-based Fortress Investment Group, is struggling to rearrange financing to keep the operation afloat, according to a report published in the Financial Times on Friday.
When contacted by CBC News, Fortress declined to comment, but a spokesman from Intrawest did issue a brief statement on Monday saying operations are expected to continue as normal.
"At our resorts it is business as usual and there will be no impact on our guests' vacation plans or season pass products," said Intrawest director of corporate communications Ian Galbraith in a statement issued on Monday.
"We are aware of recent press coverage on Fortress and Intrawest. These news reports are directly related to our parent company's efforts to refinance a term loan that has been in place since Fortress purchased Intrawest in 2006," he wrote.
Whistler mayor concerned
Meanwhile the mayor of Whistler says he is concerned about the reports.
"We are concerned ... Whistler Blackcomb is essential to our business. They are a critical factor and a key resort player," Mayor Ken Melamed told CBC News on Monday morning.
Intrawest's local operations include the Whistler Blackcomb Ski Resort and several hotels, making it the largest employer in the vacation town, according to Melamed.
However, Melamed said he believes it is very unlikely the local ski hill will be affected because the operation is generating a profit for the company.
"We understand also that Whistler Blackcomb is the flagship of the Intrawest group of companies. And it has been profitable. It is the one that Intrawest will have the most interest in keeping operational," he said."
CBC News - Money - Credit crisis hits Whistler Blackcomb owners
Intrawest spells ‘Trouble?’
Intrawest spells ‘Trouble’?
"The Intrawest ski resort company has $1.68 billion in debt due Oct. 23, and the company's owner, New York-based Fortress Investment Group, is struggling to rearrange financing to keep the operation afloat, according to a report published in the Financial Times on Friday.
When contacted by CBC News, Fortress declined to comment, but a spokesman from Intrawest did issue a brief statement on Monday saying operations are expected to continue as normal.
"At our resorts it is business as usual and there will be no impact on our guests' vacation plans or season pass products," said Intrawest director of corporate communications Ian Galbraith in a statement issued on Monday.
"We are aware of recent press coverage on Fortress and Intrawest. These news reports are directly related to our parent company's efforts to refinance a term loan that has been in place since Fortress purchased Intrawest in 2006," he wrote.
Whistler mayor concerned
Meanwhile the mayor of Whistler says he is concerned about the reports.
"We are concerned ... Whistler Blackcomb is essential to our business. They are a critical factor and a key resort player," Mayor Ken Melamed told CBC News on Monday morning.
Intrawest's local operations include the Whistler Blackcomb Ski Resort and several hotels, making it the largest employer in the vacation town, according to Melamed.
However, Melamed said he believes it is very unlikely the local ski hill will be affected because the operation is generating a profit for the company.
"We understand also that Whistler Blackcomb is the flagship of the Intrawest group of companies. And it has been profitable. It is the one that Intrawest will have the most interest in keeping operational," he said."
CBC News - Money - Credit crisis hits Whistler Blackcomb owners
Intrawest spells ‘Trouble?’
Intrawest spells ‘Trouble’?
roflmao Rich people are so funny sometimes. The goofball actually thinks he can stop the gov't from holding the Olys? roflmao Boy wouldn't he be a popular dude in Canada? Do you think his business would suffer any? Lawsuits will be flying thick.
I'll snoop around, but no I hadn't heard this. Looks like Mowich already did find stuff.
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With some very obvious data I've come to the conclusion that Midas does not like BC.
Anything that gets "touched" in BC gets turned to s hit rather than gold.
Anything that gets "touched" in BC gets turned to s hit rather than gold.
Why do you think it's BC that's the issue petros? They own a lot of US resorts too, and it may very well be those resorts that are the duds dragging them down.
TheSpec.com - BreakingNews - Intrawest may be close to loan default: report
According to this article, they are selling off a Colorado resort to settle the financial issue.
TheSpec.com - BreakingNews - Intrawest may be close to loan default: report
According to this article, they are selling off a Colorado resort to settle the financial issue.
What I find really interesting is that the same news in the OLD article applies to 2010, but just to update, this article is from January 20, 2010. VANOC denies Intrawest financial woes will impact Olympic skiing events - News1130
I can't help but wonder what our Canadian athletes must be feeling when they listen to this latest news. Actually, what are all the Olympic athletes thinking and feeling about the reports of financial trouble.
Either that or just trying to realize a profit on their investment so their shareholders don't pull out.
I doubt if the athletes spend much time focussing on the political/financial side of, it's necessary for them to be single minded on their goal of defeating opponents.
Yeah, there's not much doubt about that. There was a lot of poor planning involved. Who in their right mind would hold it at a location, necessitating $billions being spent upgrading an access road? Who in their right minds would select locations where they are at the mercy of the weather. There are probably half a dozen locations in the B.C. interior that would meet all the criteria without the expense. One has to wonder how much of the security costs are directly attributable to the fact it is being held on the lower mainland. Real geniuses.......................................:lol::lol::lol::lol: