The Olympic venue won’t hit the auction block until next week
The auctioning off of the Whistler and Blackcomb resort will be delayed for one more week. A key venue for the Olympics, Whistler was supposed to be put up for sale today after its owner Fortress Investment missed payments on a US$1.4 billion loan in December. Fortress bought Intrawest, which controls Whistler and other resorts, in 2006 for $2.8 billion and has struggled under a huge debt load. The firm’s creditors agreed to postpone the auction until Feb. 26 (two days before the Olympic closing ceremonies). There has been some concern that the resort’s sale could disrupt the Games, or at the very least leave a black mark on the event. “They’re tough discussions, money’s at stake, big mountains (are) at stake, but I think they’re working pretty constructively,” said Fortress chief executive Dan Mudd, about the negotiations with creditors. “Nobody wants to see any damage done to the Olympics in the process.”