Privately-held Canadian Rockies, assets of which include seven other ski resorts in British Columbia, Alberta and Quebec, including Mount-Saint Anne, said a few factors have put it in a financial crush.
One them is the slow ski season in the West, due to light snowfall. As well, Rockies' main lender, FleetBoston Financial Corp., has decided to withdraw its involvement. And the company has undertook $90 million worth of upgrades over the past five years. It is now left with a debt of about $53 million.
The company said it will restructure its debt and sell non-core resort assets. The company said this would not include Lake Louise but could include Mount-Saint-Anne.
