Lenders have seized the assets of Intrawest — including Blue Mountain near Collingwood and the Whistler ski resort that will host the Olympic downhill races.
A public notice has been posted in newspapers by the company’s lenders — which include Lehman Brothers.
It says an auction to sell the assets will be held on February 19th — which is right in the middle of the Winter Olympics.
Intrawest — which is owned by private equity firm Fortress Investment Group — reportedly missed payments last month due on 1.4 billion dollar loan.
Vancouver based Intrawest has been struggling with financial problems since it was bought by Fortress in 2006 for 2.8 billion dollars in cash and debt.
Intrawest has already sold several assets in order to meet the payments — including a resort at Colorado and two resorts in France.