Post by QikTrnz on Oct 24, 2008 13:44:14 GMT -5
Here is a wire service press release that we should all take comfort from .....
VANCOUVER, Oct. 23 /CNW/ - Intrawest, a world leader in the development
and management of experiential destination resorts, today announced that it
successfully completed an agreement to refinance a $1.7 billion loan which was
due on October 23, 2008. The Company received unanimous support from its
existing lender group.
"We are very pleased to have reached an agreement with our lenders,
particularly given the challenges of the global credit markets," said Bill
Jensen, chief executive officer at Intrawest. "The support Fortress and our
lenders have shown underscores their confidence in Intrawest and will enable
us to continue to execute on our long-term strategic plans. Intrawest has
great assets, a sound business model and a solid track record. We are
preparing for another successful winter season and look forward to providing
our resort guests and homeowners with the exceptional level of service they
have come to expect from our resort properties."
About Intrawest
Intrawest is a world leader in experiential destination resorts. The
company has interests in ten resorts at North America's most popular mountain
destinations including Whistler Blackcomb, a host venue for the 2010 Olympic
and Paralympic Winter Games. The Intrawest network also includes Sandestin
Golf and Beach Resort in Florida and Club Intrawest-a private resort club with
locations throughout North America. In addition, Intrawest develops real
estate at its resorts and at other locations across North America and in
Europe. Intrawest is headquartered in Vancouver, British Columbia. For more
information, visit www.intrawest.com
VANCOUVER, Oct. 23 /CNW/ - Intrawest, a world leader in the development
and management of experiential destination resorts, today announced that it
successfully completed an agreement to refinance a $1.7 billion loan which was
due on October 23, 2008. The Company received unanimous support from its
existing lender group.
"We are very pleased to have reached an agreement with our lenders,
particularly given the challenges of the global credit markets," said Bill
Jensen, chief executive officer at Intrawest. "The support Fortress and our
lenders have shown underscores their confidence in Intrawest and will enable
us to continue to execute on our long-term strategic plans. Intrawest has
great assets, a sound business model and a solid track record. We are
preparing for another successful winter season and look forward to providing
our resort guests and homeowners with the exceptional level of service they
have come to expect from our resort properties."
About Intrawest
Intrawest is a world leader in experiential destination resorts. The
company has interests in ten resorts at North America's most popular mountain
destinations including Whistler Blackcomb, a host venue for the 2010 Olympic
and Paralympic Winter Games. The Intrawest network also includes Sandestin
Golf and Beach Resort in Florida and Club Intrawest-a private resort club with
locations throughout North America. In addition, Intrawest develops real
estate at its resorts and at other locations across North America and in
Europe. Intrawest is headquartered in Vancouver, British Columbia. For more
information, visit www.intrawest.com