Shares of debt-heavy Intrawest Resorts fall in debut - Reuters
Shares of Intrawest Resorts Holdings Inc (SNOW.N) fell as much as 10 percent in their debut on Friday, as the mountain resort operator's heavy debt deterred investors in a weakening U.S. market, reports Reuters. Intrawest, owned by private equity firm Fortress Investment Group LLC, has not posted a net profit for the last three years, mainly due to interest payments on its debt, which was US$1.95 billion as of June 30. Intrawest's IPO raised US$187.5 million through the sale of 15.6 million shares. Founded in 1976, Intrawest offers skiing, mountaineering and hiking and operates Club Intrawest, a private vacation club with eight locations across the United States, Canada and Mexico. Its primary offices are in Denver, Colorado, Vancouver and Banff, Alberta.
