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July 20, 2007

American Ski Co. Is No More

This from the SLC Tribune:

The Canyons Resort, final vestige of the American Skiing Co. empire, will be sold for $100 million to the company that bought United Park City Mines and is converting its property along Deer Valley's fringes into a posh ski and golf development.

Talisker Canyons Finance Co. LLC, a subsidiary of the Toronto-based real estate development and investment company Talisker Corp., will buy the resort outside of Park City and all stock in American Skiing Co. Resort Properties, Inc., which has contractual rights and obligations involving The Canyons.

Talisker also is assuming responsibility for pending litigation in which the resort's former owner, Wolf Mountain, contends it should regain the property because American Skiing defaulted on a lease...

The sale of The Canyons means American Skiing has disposed of all eight resorts under its control at the start of last ski season, raising $599 million used to pay off creditors. Those creditors included Oak Hill Capital Partners, a Connecticut-based private equity firm that was American Skiing's majority shareholder.

On June 21, when American Skiing filed papers to dissolve with the U.S. Securities and Exchange Commission, company officials said The Canyons would continue to operate under Oak Hill as it has in the past.

Well, that is everything. Gone are 9 resorts in a little under a year. The folks at Steamboat seem pretty happy about the changes and no one wuite knows what to make of what is going to happen to the smaller resorts.

Posted by Justin at July 20, 2007 10:17 AM