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Vail suspending all ski operations immediately
- Thread starter deadheadskier
- Start date
I literally just posted in the other thread wondering about this. First glimpse this gives me alot more confidence moving forward.
andrec10
Active member
- Joined
- Sep 22, 2008
- Messages
- 2,240
- Points
- 38
I'll take 140$ towards next years pass!
drjeff
Well-known member
Edd
Well-known member
That’s pretty great. They took their time with the response but totally understandable.
Smellytele
Well-known member
Putting an end to the Class action suit? At least the actual skiers get the money and not the lawyers.
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Reading the fine print, it looks like anyone that accepts the credit also waives their right to any sort of claims as part of any existing or future lawsuit. So effectively, yes.
Smellytele
Well-known member
Zermatt
Active member
Epic's new guarantees for next season blows away IKON. IKON will have to match.
Looks like Epic (Vail, MTN, whatever) went and bought a super expensive all risk policy that covers virtually everything. Ikon lets me rollover the value of my pass to next season if I choose before the season even starts.
Looks like Epic (Vail, MTN, whatever) went and bought a super expensive all risk policy that covers virtually everything. Ikon lets me rollover the value of my pass to next season if I choose before the season even starts.
mbedle
Well-known member
I would say that is a pretty nice deal.
Right. Makes sense.
skef
Active member
Yes! I have a completely unused 4-day Epic Day Pass (a cancelled trip to Vail; had hoped to use it at Stowe) that will now pay for 3+ days next season.
drjeff
Well-known member
Just a thought.... Vail took an aggressive stance on the pass assurance issue for next season because they're planning on taking an aggressive stance on COVID-19 next season.... Just a thought.....
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How does this kind of thing work? Do they pay the big bucks for an Insurance policy to cover losses? That has to be a huge lump of money right?
ss20
Well-known member
What do they have to lose? If we're not skiing next year then we'll be in so much economic ruin life as we know it will have ended.
I think it's really just a mind game to generate some summer $$$.
Zermatt
Active member
No indication MTN bought an insurance policy to backstop this...you are right, it would cost way too much.
If it fails passholders will be unsecured creditors if/when MTN goes bankrupt. You are at the end of the line to be made whole.
slatham
Well-known member
While I still believe Vail at least got a backstop reinsurance policy, they just issued $500mm of debt (3x over subscribed) and received a 2 year grace on various covenants. Current liquidity is $1.2billion.
BenedictGomez
Well-known member
It's $600M, but hey, what's $100M when you carry as much debt as Vail.
BofA also granted them a two-year waiver going into 2022, which is pretty generous/long. Stock's down 33% from pre-COVID19, frankly I'm surprised it's not off more.
mister moose
Well-known member
- Joined
- Oct 11, 2007
- Messages
- 1,088
- Points
- 48
So for the few pass buyers that had a 2nd half of March trip planned, and didn't use the pass yet, Vail is offering an 80% refund? I get pro-rating for used days, but a 20% retainage for zero days used is an epic grab.
kingslug
Well-known member
Our Pass more than paid for itself...but ill take 20%.
