SAM Magazine-Vancouver, B.C., Dec. 28, 2009-Having missed a $524 million payment Dec. 23 on a $1.4 billion loan, Intrawest is continuing negotiations with its lenders, according to The Globe and Mail. Lenders had reportedly granted Intrawest a 60-day extension on the loan, which had been due Oct. 23.

"Intrawest continues to be in active dialogue with our lenders regarding refinancing a term loan," chief executive officer Bill Jensen said in a statement. "It is business as usual for Intrawest and we are providing our customers and homeowners with the memorable experiences that they have come to expect when they visit our resorts, and will continue to do so regardless of the outcome of these discussions."

Fortress Investment Group bought Intrawest in 2006 for $1.8-billion and assumed an additional $950 million in debt as part of the deal, a total that amounted to a 20 percent premium over Intrawest's share price. This past summer, Fortress told its investors that it was marking down the value of the Intrawest investment to 29 cents on the dollar, according to the Globe and Mail.

Fortress, which was trading above $15 a share in early 2008, was at $4.50 recently.

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