Whistler reportedly wins auction reprieve

An auction that would sell off the resort hosting Olympic Alpine events in the middle of the games has reportedly been postponed by a week — until two days before the closing ceremony.

Whistler-Blackcomb and other assets of resort operator Intrawest were set to go on the block Friday as creditors seek to recoup hundreds of millions of dollars in loans to the company's owner, New York hedge fund Fortress.

But the creditors, which include defunct investment bank Lehman Brothers, delayed the auction to Feb. 26 as they try to reach a last-minute deal with Fortress, The Globe and Mail of Toronto reported.

Intrawest spokesman Ian Galbraith called reports of the postponement "speculation" but said "serious discussions with Intrawest's lenders are ongoing regarding refinancing."

Calls to Fortress went unanswered.

Analysts say creditors may be trying to juice as much marketing glamour out of the games as they can. But Will Marks of JMP Securities said he believed the prospect of an auction is a threat.

"I think at some point we'll see closure on this, and it won't be in the form of an auction," Marks said.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

In 2006, Fortress paid $2.8 billion for Intrawest, which operates several elite resorts in North America, in a highly leveraged buyout. With property prices sagging, Fortress is now reportedly behind on a $1.4 billion loan.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

Potential buyers of Whistler-Blackcomb include Vail Resorts, which owns resorts in Vail and Breckenridge, Colo., and private equity funds, analysts say.

Fortress could avoid an asset sale if it puts Intrawest into bankruptcy, a strategy that would buy time and allow it to continue to operate as control shifts to a trustee.

The 2008 collapse of Lehman creates additional pressure because the company is desperate to recoup as much money as it can as disentangles its financial commitments.