The auction of Intrawest properties including Blue Mountain, is not going to take place after all.
Fortress Investment Group — which owns Intrawest, including Blue and Whistler Blackcomb — has managed to make a payment necessary to keep its holdings in the resort company.
The New York based equity firm found 150-million dollars to pay its creditors early this week.
Intrawest and Fortress would not confirm the story, as reported by the Wall Street Journal.
but a spokesperson says Fortress continues to own and control Intrawest and all of its properties.
In a statement, the company says discussions with Intrawest’s lenders are ongoing regarding refinancing and the company continues to operate ‘business as usual’ at all of its resorts.