Steamboat the first of several sales that will shrink company
Friday, March 2, 2007
Steamboat Springs — The sale of the Steamboat Ski Area is the linchpin deal in American Skiing Company’s efforts to shed assets and transform the company into a much smaller, debt-free operation............
............ASC was, at one time, one of the largest ski companies in North America. But the announced sales, if all are consummated, will reduce ASC’s holdings to just three resorts — The Canyons in Park City and Sugarloaf and Sunday River in Maine.
There is speculation that ASC is shopping Sugarloaf and Sunday River. That speculation was driven in large part by Monday’s announcement that Leslie “Les” Otten, who founded the company and was its CEO until 2001, has stepped down from ASC’s Board of Directors.
Otten, whose purchase of Sunday River in 1980 became the foundation for ASC’s creation, is reported to be interested in acquiring the Maine resorts. Otten could not negotiate to buy the resorts if he was still active on ASC’s board.
Hirasawa said he would not comment on ASC’s plans for Sugarloaf and Sunday River.
ASC’s stock price closed Thursday at 69 cents a share, down six cents from Wednesday.
SteamboatPilot.com stories - The Steamboat Pilot & Today: Latest stories
Friday, March 2, 2007
Steamboat Springs — The sale of the Steamboat Ski Area is the linchpin deal in American Skiing Company’s efforts to shed assets and transform the company into a much smaller, debt-free operation............
............ASC was, at one time, one of the largest ski companies in North America. But the announced sales, if all are consummated, will reduce ASC’s holdings to just three resorts — The Canyons in Park City and Sugarloaf and Sunday River in Maine.
There is speculation that ASC is shopping Sugarloaf and Sunday River. That speculation was driven in large part by Monday’s announcement that Leslie “Les” Otten, who founded the company and was its CEO until 2001, has stepped down from ASC’s Board of Directors.
Otten, whose purchase of Sunday River in 1980 became the foundation for ASC’s creation, is reported to be interested in acquiring the Maine resorts. Otten could not negotiate to buy the resorts if he was still active on ASC’s board.
Hirasawa said he would not comment on ASC’s plans for Sugarloaf and Sunday River.
ASC’s stock price closed Thursday at 69 cents a share, down six cents from Wednesday.
SteamboatPilot.com stories - The Steamboat Pilot & Today: Latest stories
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