Reprieve for Winter Park, Steamboat: Intrawest inks new loan deal
After much back and forth over the last few months, including a showdown in the middle of the Winter Olympics, Intrawest has repaid its lenders and completed a new loan. Locally, that means Winter Park and Steamboat may be staying the course until at least 2014, though the $107 million sale of Copper Mountain late in 2009 suggests other Intrawest properties may still be on the chopping block.
Intrawest is the parent company of Steamboat Ski and Resort Corp. and operates Winter Park Resort in partnership with the city and county of Denver. The company has been struggling to restructure a reported $1.4 billion in debt.
Intrawest, a leader in the development and management of experiential destination resorts, today announced that it has successfully completed the refinancing of its corporate debt which was due in December 2009. The Company repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014. Terms of the new loan were not disclosed.
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