American Skiing closes on sale of Vermont resort |

American Skiing closes on sale of Vermont resort

The Associated Press

NEWRY, Maine (AP) – American Skiing Co. said Monday it has closed on the sale of its Sugarbush resort to a group of Vermont investors.

Terms of the previously announced sale of the Warren, Vt., ski area to Summit Ventures NE Inc. were not disclosed.

”The sale is consistent with our strategic plan to focus management and financial resources on our highest growth opportunities,” said Mark Miller, American Skiing’s chief financial officer.

The cash-strapped company said it will use the proceeds of the sale to reduce debt. American Skiing recently completed a restructuring plan that includes a $30 million investment from its majority shareholder, Texas-based Oak Hill Capital Partners.

The restructuring includes the sale of the Steamboat resort in Colorado. Sugarbush was not on the market, but Summit Ventures made an unsolicited offer.

American Skiing purchased Sugarbush six years ago.

Its other properties include Sugarloaf USA and Sunday River in Maine; Attitash Bear Peak in New Hampshire; Killington and Mount Snow in Vermont; The Canyons in Utah; and Heavenly along the California-Nevada line.

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