American Skiing Company has completed its real estate debt restructuring. The Company's real estate development subsidiary, American Skiing Company Resort Properties, Inc., finalized the restructuring of its $73 million Real Estate Term Facility led by Fleet National Bank and eliminated approximately $58.5 million in real estate debt from the consolidated balance sheet of American Skiing Company.
“The elimination of these defaults is critically important to the Company and allows us to continue to strengthen our relationship with our lenders and capital partners,” said Betsy Wallace, Chief Financial Officer of American Skiing Company. “All of the debt of American Skiing Company and its subsidiaries, including our real estate subsidiaries, is in compliance with all applicable financial covenants. We are now solely focused on creating opportunities for the future.”
The restructuring creates a new partnership between the Company's Killington Resort and SP Land, an affiliate of Eiger, Inc., one of the lenders under the Real Estate Term Facility.
“Completing this transaction allows for further design and planning associated with the Killington Village,” said Allen Wilson, president of Killington Resort. “We believe that the new company has the real estate expertise and financial resources necessary to take the Village from a planning stage to fruition. This will enable Killington to maintain its position as one of the nation's premier destination resorts for decades to come.”
