2010 Olympic Games company refinances

The company that will run the ski hills for the Vancouver 2010 Winter Olympic Games, Intrawest ULC, completed a $1.7 billion refinancing deal, ending weeks of hearsay about the companyÔÇÖs financial health. ┬á One of the main venues for the Games, the Whistler-Blackcomb ski resort, is what the leading destination-resort company in North America is best known for. ┬á Its existing lender group, Fortress Investment Group LLC bought Intrawest two years ago in a multi-billion dollar deal backed by a group of lenders. Among the group was Lehman Brothers, a company which recently filed for bankruptcy protection. ┬á Fortress Investment Group had until Friday to refinance the debt for Intrawest, as extensive speculation that the hedge fund wouldnÔÇÖt be able to close the deal had ensued. ┬á The leisure-resort company received unanimous support from the lending group and organizers of the 2010 Winter Olympics say that the games remain financially strong despite the current deficit, rising venue budgets, and global financial crisis concerns. ┬á Intrawest CEO Bill Jensen said he was pleased to have come to an agreement with lenders during the global credit challenges, and that the companyÔÇÖs strong assets, sound business model, and solid track record will provide for another successful winter season. ┬á The International Olympic Committee (IOC), organizer of the Olympic Games, says it is happy with the progress in Vancouver, as it is firmly into the operational phase as venue construction is completed. ┬á IOC chairman Rene Fasel said, ÔÇ£With the Beijing Games now over, it is Vancouver 2010ÔÇÖs turn to step into the spotlight and I am confident that Vancouver 2010 can also raise the bar for the Olympic Winter Games. Our Canadian friends learned many important lessons during their stay in BeijingÔǪ and this can be seen in their planning, which is being fine tuned as [it] moves into its operational phase.ÔÇØ