Intrawest did not disclose details of the agreement, reached between its parent company, Fortress Investment Co., and the existing lender group, which included bankrupt Lehman Brothers.

"Given the challenges of the global credit markets," said Intrawest Chief Executive Bill Jensen, "the support Fortress and our lenders have shown underscores their confidence in Intrawest . . . Intrawest has great assets, a sound business model and a solid track record."

The Vancouver-based company has interests in nine mountain destination resorts in North America. None is located in Utah, but three are in Colorado (Steamboat, Copper Mountain and Winter Park). Its flagship is Whistler/Blackcomb in British Columbia, site of most of the alpine skiing events for the 2010 Winter Olympics in Vancouver.

Ski Area Management, an independent ski industry trade publication, characterized the agreement as "11th-hour financing" that will cost Intrawest an additional $40 million from higher interest on to the $1.7 billion debt.

Founded in 1998, Fortress is a New York City-based investment management firm with offices in eight countries. It bought Intrawest in August 2006 for $2.8 billion.

Recent stories in New York City newspapers referred to Fortress as "embattled," citing an 80 percent drop in company shares this year, including a 17 percent dive Wednesday when the refinancing deal was not completed. Fortress stock closed Friday trading on the New York Stock Exchange at $3.99 a share, up 14 cents (3.6 percent).

The other major U.S. ski company, Vail Inc., also is showing the ill-effects of the global economic meltdown. Its stock dropped 2.5 percent Friday, or 64 cents per share, to $24.54. It traded for $40 per share a month ago and was as high as $61.76 in the past year.

mikeg@sltrib.com