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.