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RCR guarantees season passes

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Resorts of the Canadian Rockies, which filed for protection on March 9, is offering money-back guarantees on next winter’s season passes while the company sorts out its finances.

The Alberta company, which owns eight Canadian ski resorts, including Fernie, Kimberley and Lake Louise, is $148 million in debt. Last week the company was granted additional time under debtor protection to re-organize its finances.

A spokesman for the company indicated the pass guarantee would help placate skiers nervous about their ski area not opening next winter.

"No matter what happens, (customers) either have a season pass they can use or they’ll get their money back," lawyer Doug Nishimura told a Calgary newspaper.

RCR has indicated it would like to sell some of its resorts, such as Fortress and Wintergreen in Alberta, to help its financial situation.

The company expanded rapidly in recent years, acquiring Mont Ste. Anne and Stoneham in Quebec, as well as Fernie and Kimberley. Real estate developments at some of the new resorts had stretched the company’s finances. Little snowfall in the Rockies this past winter also contributed to the company’s problems.

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