Creditors have started foreclosure proceedings against Intrawest Holdings, owner of Whistler Blackcomb
According to the New York Post, creditors are threatening to foreclose and seize control of Whistler Blackcomb ski resort, the ski event hub for the upcoming winter games. The resort owners, Intrawest ULC, owe their Wall Street financiers $1.4 billion US. The primary lender, now-defunct investment bank Lehman Brothers, is currently undergoing restructuring, causing speculation that it may push Intrawest into bankruptcy in order to sell its assets and raise money.
UPDATE: Lenders have seized Intrawest’s Whistler Blackcomb resort and plan to place it up for auction next month while the facility hosts 2010 Winter Olympic Games events.