SAM Magazine-Steamboat Springs, Colo., Jan. 20, 2010-In a statement released this afternoon, Intrawest disputed published reports about an impending foreclosure action and asserted that it remains in control of all its resorts.

"There have been inaccurate and misleading media reports surrounding Intrawest today," the statement says. "Fortress Investment Group continues to own and control Intrawest and all of its properties. Serious discussions with Intrawest's lenders are ongoing regarding refinancing and the Company continues to operate 'business as usual' at all of its resort properties."

The release came after ads appeared in major newspapers on Tuesday announcing that some of Intrawest's lenders, represented by Wilmington Trust FSB, would conduct a public auction to sell their interest in the company. Several news articles based on these ads ensued.

The auction of the interests represented by Wilmington Trust FSB is scheduled to take place on Feb. 19, while Whistler-Blackcomb hosts many of the events for the 2010 Winter Olympics.

Vanoc said Whistler-Blackcomb would still be ready to host the Olympics starting Feb. 12. Most Alpine and cross-country events are scheduled to take place at Intrawest's flagship resort, Whistler/Blackcomb.

Fortress purchased Intrawest for $2.8 billion in 2006, and financed $1.8 billion of that amount. The resort operator missed a $524 million debt payment originally due Oct. 23.

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