Intrawest Announces Restructuring of Debt |

Intrawest Announces Restructuring of Debt

Ski-resort operator Intrawest said Tuesday it has refinanced its corporate debt and paid off all of its prior lenders.

Intrawest had been in discussions with lenders for months to restructure $1.2 billion in debt after lenders had threatened to auction Intrawest properties to pay off the loans.

The resort company offered no details on the new loan package except that it is scheduled to mature in 2014.

In Colorado, Intrawest owns Steamboat ski resort and operates the Winter Park ski area on behalf of its owner, the city of Denver.

Lenders led by Lehman Brothers Holdings Inc., Davidson Kempner Capital Management LLC and Oak Hill Advisors LP had sought control of Intrawest after it missed a final payment on its loan portfolio due in December. The Vancouver, B.C.-based company has struggled financially even after layoffs and other expense cuts.

Intrawest last year sold Copper Mountain to Park City, Utah-based Powdr Corp. for $107 mil lion.

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