Lots of money - oh, the good old days...

In case you’ve been living in a cave with no tv, radio, laptop or mobile phone to hand, the world has been hit by recession for the past 18 months. Ski companies have proved to be no exception to this and sadly some haven’t survived the economic crisis. So, who has been hit hardest by this irrepressible, global credit crunch?

Just a couple of the financial casualties include;
Intrawest – currently being forced to sell resorts to pay some of its $1.7bn debt
Yellowstone Club – the exclusive Montana ski resort has been operating under Chapter 11 bankruptcy since November 2008 with debts of $360 million.

These ridiculously large amounts dwarf Snowsport GB’s £300,000 debt that is affecting our Vancouver 2010 bid for medals. However, with large and apparently successful ski companies going into debt it will come as little surprise that luxury ski holiday provider, Descent International, is the latest to file for voluntary liquidation.

Descent International provides luxurious ski chalets to big-spending skiers including the media-frenzy that is the Beckhams as well as the Grand Old Duke of York – allegedly owed £30,000 by the company. It’s a shame that another ski company appears to have fallen by the wayside and lets hope there aren’t any more before the recession is over. Sadly, i think that could be a long way off.

To read the full story of Descent’s demise, follow me.

Money image supplied by Tracy O