Could Fortress Rescue Itself?

Fortress Investment Group has been struggling to find lenders to refinance the troubled Intrawest ski resort company it bought two years ago.  The company needs at least $1.7 billion in new loans to replace the short term debt used to make the acquisition but some lenders are balking.  If Fortress goes looking for big investor with a ton of cash that wants to invest in distressed debt, it may not have to go far.

Fortress recently has closed a $3 billion fund that aims to make “opportunistic credit-related investments, primarily in North America and Western Euro,” Deal Journal reports.

“Investments will include residential loans–performing or nonperforming–residential property, corporate loan originations including mezzanine, and other distressed or out-of-favour credits,” Deal Journal writes.

Hey Fortress, call your office. We have found your lender and it is you.

Earlier: Fortress Resort Investment Speeds Downhill

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.