Ski resort bailout worth $80M goes to vote by shareholders

July 20, 2001
Source: National Post
Original story - link verified on July 20, 2001
By Carol Howes

Creditors will vote in mid-August on a rescue package from Calgary financier Murray Edwards for ski resort operator Resorts of the Canadian Rockies, after a Calgary judge turned down a request to delay the restructuring by a rival bidder. The package, revealed yesterday in the Court of Queen's Bench of Alberta, provides for an immediate infusion of $5-million to keep the string of eight Canadian ski hills afloat until the end of next month, and at least another $75-million in new equity, as well as the assumption of mortgages and leases.

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