Intrawest has been struggling with financial problems since it was bought by Fortress in 2006 for $2.8 billion in cash and debt.
The deal was a leveraged buyout with a $1.7 billion loan which came due in late 2008, around the time when the financial meltdown hit.
Another example of a (previously well-run?) company suffering because of risky M&A activities during the boom. Will people ever learn?