Whistler Blackcomb To Be Auctioned Off In The Midst Of 2010 Games

by Yuliya Talmazan | January 20, 2010 at 04:49 pm

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Whistler Blackcomb, an Olympic venue and the site of alpine skiing events for the 2010 Vancouver Olympics, is being auctioned off on February 19, smack in the middle of the 2010 Games that begin on February 12. The owner of the Whistler Blackcomb resort Intrawest ULC is experiencing debt issues and was put up for auction by its creditors.

Creditors of Fortress, a New-York based private equity and hedge fund, are having the auction after Fortress failed to make a the final payment on a $1.7-billion loan used by Fortress to buy Intrawest.

With only 23 to go before the 2010 Winter Games, the question of mountain availability for the Olympics arose immediately following the announcement. However, Intrawest has reassured that it is "business as usual." The company said it is looking forward to the Olympics. Vancouver Olympic Committee has backed up Intrawest's reassurances, saying that the company is still in a close partnership with the Olympic organizers.