www.ft.com/cms/s/0/8802f79c-9...077b07658.html
"Fortress Investment Group, a listed alternative investor with $40bn under management, is taking action aimed at keeping two of the companies it owns afloat, according to people familiar with the situation."
"Fortress is battling to preserve the value of its investments in Intrawest, a ski resort company based in Canada that has $1.68bn in debt due on October 23."
"Fortress controls Intrawest via a $1.37bn equity stake. With Intrawest’s debt trading at less than 70 cents on the dollar, Fortress has approached potential and existing lenders to discuss a refinancing involving $1.4bn in senior debt. Fortress is putting in $100m of additional capital to preserve its equity’s value."
"People familiar with Fortress, which operates hedge funds and private equity vehicles, say there is a low probability Intrawest will file for Chapter 11 bankruptcy protection."
