SAM Magazine-Vancouver, B.C., Feb. 27, 2010-Fortress Investment Group and its lenders have agreed to a framework for restructuring $1.2 billion in debt for Intrawest, Bloomberg News is reporting.

The new plan is said to call for $1.2 billion of debt to be split into a senior tranche of $800 million and a mezzanine tranche of $400 million. The lenders have set an April 16 deadline to settle the details. It's estimated that Fortress will also have to inject about $150 million in cash-roughly what it is believed to have raised through recent resort sales (see previous Breaking News reports for details).

According to Bloomberg, Intrawest would pay 10 percent interest on the senior debt, and up to 17 percent for the mezzanine debt-well above the rate charged on its original loan in 2006.

The news agency also said that investors' equity in Fortress's Fund IV, Fund IV Co and FICO fund had eroded to four cents on the dollar as of Oct. 31.