(Source: The Globe and Mail)

Ski resort operator Intrawest’s owner has reportedly reached an agreement with creditors to restructure its debt and avoid an auction of the company’s properties.

Intrawest, owner of the Whistler Blackcomb Olympic ski venue, was said to be slated for the auction block today. An auction date was originally set for Feb. 19 but had been pushed back twice.

The Wall Street Journal reports that the new deal will allow Intrawest owner Fortress to inject an additional $150-million of equity into the business to pay down debt and retain control of the resort company.

Read the full article “Intrawest makes deal with creditors” in the Globe and Mail (March 1, 2010)

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