Talisker Buys Canyons

[hudson Senior Member Find all posts View Profile Close hudson]

American Skiing Company Announces Sale of The Canyons Resort


PARK CITY, Utah--(BUSINESS WIRE)--American Skiing Company (OTCBB: AESK) announced today that it had entered into a definitive agreement to sell its subsidiary ASC Utah, Inc., the owner and operator of The Canyons resort, located near Park City, Utah, to Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for $100.0 million in cash. The purchase price is subject to various adjustments, as outlined in the purchase agreement. The transaction is not expected to result in any change in the status of currently pending litigation between The Canyons and Wolf Mountain (a landlord at The Canyons). The announced sale represents the planned disposition of the last major resort asset of American Skiing Company.
“This sale will complete a necessary step for American Skiing Company to wind down its affairs,” said ASC President and CEO B.J. Fair. “We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come. I am very proud of what we have accomplished, and look forward to the energy and vision that I expect Talisker to bring to the resort and community,” added Fair.
The Canyons is Utah’s largest winter resort. Its 3,700 skiable acres (fourth largest in the nation) are serviced by 17 lifts spread across eight mountain peaks. The AAA Four Diamond Grand Summit Hotel, Sundial Lodge and numerous other lodging, dining and retail options are located at the base of the resort. An 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years.
Talisker is a private real estate development and investment company in the resort development, residential, retail and commercial sectors operating in Canada, the United States, and Europe.
Talisker has significant assets in Park City where it has been developing resort real estate since 2000. In 2003 it added to its portfolio in Park City by acquiring United Park City Mines, a NYSE listed company. For more information on the company’s developments in Park City go to www.taliskerclub.com.
The transaction is subject to several closing conditions, including certain consents, Hart-Scott-Rodino antitrust approval and stockholder majority approval of American Skiing Company. The transaction is expected to close on or before September 29, 2007.

[hudson Senior Member Find all posts View Profile Close hudson]

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[Steve Senior Member Find all posts View Profile Close Steve]

This is interesting news. I thought that ASC had sold all of their other resorts so that they would be able to keep their flagship, The Canyons. I didn't realize that they were planning to wind down the company and completely go out of business. It's kind of sad in a way. Such a rise and fall of a ski resort empire. But they have mismanaged the business for years.

Steve

[hudson Senior Member Find all posts View Profile Close hudson]

What ASC said publicly versus what they were doing

Common stockholders will get nothing as American Skiing dissolves and lets corporate employees go, said David Hirasawa, the company's investor-relations director.
"This is not a default-type of arrangement. We are not in bankruptcy. We are paying out to different equity holders in order of seniority," he said.
American Skiing's board, which includes Oak Hill, realized the money it could get from its ski areas when it got a $265 million (€192.29 million) offer on Colorado's Steamboat Springs resort, a smaller but more popular resort than The Canyons, from Canadian resort operator Intrawest Corp.
Steamboat changed hands in March.
"We got exceptionally strong value for that resort," Hirasawa said. "On the heels of that transaction, and because the value was so strong, we were forced to explore some opportunities (to sell) our remaining resorts. The decision was the result of strong market conditions."