VANCOUVER, British Columbia (Jan. 20) - Lenders have seized the assets of Intrawest ULC, including the Whistler ski resort that will be home to the Olympic downhill races next month.

A public notice has been posted in newspapers by the company's lenders, which include Lehman Brothers, saying that an auction to sell the assets will be held Feb. 19, right in the midst of the Olympics.

Vancouver-based Intrawest is owned by New York private equity firm Fortress Investment Group LLC. Intrawest reportedly missed payments last month that were due on a $1.4-billion loan.

Intrawest has been struggling with financial problems.

An official with Vancouver's organizing committee says the group has no comment on Intrawest's finances.


Lenders Seize Olympic Ski Resort -- Main FanHouse

 

And here the media was saying it was going to be an issue with foggy/blizzard conditions that affected the skiing. Turns out the repo man might be the one who ruins it. I wouldn't be too surprised if the lenders take it back then open Whistler themselves for the Olympics before selling it off. Better chance at finding a buyer if you allow the Olympic skiing to still be held there.