Monday, January 4, 2010

What's another billion

FIN alternatives, Jan 4/2010
An icy battle between a pair of hedge funds is casting a shadow over one of the central venues of this year’s Winter Olympics in Vancouver.

Davidson Kempner Capital Management and Fortress Investment Group are sparring over the restructuring of Intrawest, the Fortress-owned resort company that owns the British Columbia ski resort set to host the Olympic’s alpine competitions. Davidson Kempner, which leads troubled Intrawest’s creditors’ committee, has balked at Fortress’s bid to keep a hand in the running of the company, despite the fact that its equity stake is all but worthless. Negotiations between the two sides are at an impasse, the New York Post reports.

Intrawest is currently late on a $254 million debt payment.

The Post reports that both sides may be waiting for the Canadian government to step in to avoid a bankruptcy filing prior to the start of the Winter Games, set for Feb. 12.

New York Post, Jan 2/2010

The owner of a ski resort that will play host to the Winter Olympics may be headed for a nasty spill.

Intrawest, a resort company whose properties include ski resort Whistler Blackcomb in British Columbia, Canada, is at the center of a spat between a pair of hedge funds over a restructuring plan for the cash-strapped firm -- and things may have gotten so bad that only the Canadian government can save the day.

The famous ski resort will be the venue for the Winter Games' alpine events, but worries about Whistler's financial parent have put the resort itself under a cloud, amid fears that Intrawest's problems will dampen the mood at the events.

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