ASC closer to sale of Maine resorts

ASC closer to sale of Maine resorts

	Published : Thu, 08 Mar 2007 16:56 By : Agencies Print this Story

PORTLAND, Maine (AP) - American Skiing Co. moved a step closer to a possible sale of one or both of Maine's two largest ski resorts.

The financially troubled company, based in Park City, Utah, announced Wednesday its board of directors authorized a strategic review of options for its Sunday River and Sugarloaf/USA properties.

'As a result of our recently announced resort sales, we have received a tremendous amount of interest in our remaining resorts,' President and CEO B.J. Fair said. 'To ensure we maximize the value of these assets, we will commence a review of options for our Maine resort properties.'

Fair said American Skiing would only pursue a sale if terms proposed by a potential buyer were favorable.

Over the past few months, the company announced that it was selling its Steamboat resort in Colorado as well as Killington, Mount Snow and Pico in Vermont and Attitash in New Hampshire.

Those sales would leave the company with just three resorts: The Canyons, its flagship property in Park City, and Sugarloaf and Sunday River.

'With respect to The Canyons, we are continuing our efforts towards successful and favorable resolution of the litigation involving the resort,' Fair said.

The company has been embroiled in a dispute over terms of a lease covering a key section of the 3,500-acre Utah ski area.

Ski industry observers have predicted that American Skiing, which moved its headquarters from Maine to Utah five years ago, will sell Sugarloaf and Sunday River and focus on The Canyons.

The Utah resort has grown from 63 trails to 144 over the past decade while the areas in Maine have seen little change.

The recent resignation of Les Otten, American Skiing's founder and former chief executive, from the company's board has fueled speculation that a sale of the Maine properties is in the offing.

Otten, who said Wednesday night he had no comment, built Sunday River into the biggest ski area in Maine before taking the company public a decade ago. He later stepped down as CEO, but still owns a home near the resort.