Intrawest sells Panorama
Thursday January 28, 2010 - Email this article to a friend

The company is trying to meet its debt obligations and now a group of local businessmen has agreed to buy the Canadian resort of Panorama. The price has not be disclosed.

Intrawest is owned by the equity firm, Fortress Investment Group, and has a debt of $1.7b.

A statement on the Panorama web site confirms the sale.

"Intrawest and a newly formed company, Panorama Mountain Village Inc. (Panorama Inc.) announced today that they have entered into a definitive asset purchase agreement that will enable Panorama Inc. to purchase Intrawest's interests in Panorama Mountain Village. The transaction is expected to close in February 2010 pending regulatory approvals."

The President and Chief Operating Officer of Panorama Mountain Village, Kirby Brown, has reassured people who work in the resort, and those who have booked a holiday this winter, that it's business as usual.

"All vacation bookings, season passes, SnowMax and Snow Cards for the 2010 winter season will be honoured. In addition, vacation packages and passes will continue to be available online on this website. My team is excited about the opportunities that new ownership will bring and we are determined to renew the energy at Panorama Mountain Village," Kirby said in a statement.

Here on PlanetSKI we reported earlier this month on its financial problems in North America.  Last year we also reported on how it has pulled out of all its European operations in order to service its debt.

If the sale of Whistler/Blackcomb goes ahead it will not have any impact of the running of The Winter Games next month.

Many of the skiing events are taking place in the resort.

Bookmark this page

Related Articles