American Skiing Co. entered into a definitive agreement to sell its Sunday River and Sugarloaf/USA resorts in Maine to Boyne USA, Inc. for $77 million in cash. Boyne will also assume $2 million in debt and other liabilities. The announced sale follows the review of strategic options for both resorts announced in March.
Headquartered in Michigan, Boyne USA, Inc. is a privately held company that has interests in seven North American resort properties, including Big Sky Resort in Montana; Boyne Mountain, Boyne Highlands and Bay Harbor in Michigan; Brighton in Utah; Crystal Mountain in Washington; and Cypress Mountain in British Columbia.
American Skiing Co. expects to use the net proceeds from the sale for working capital purposes. Fair also noted that while American Skiing Company will be working towards closing the sale of Sunday River and Sugarloaf/USA, the company remains focused on operating The Canyons and reaching a successful and favorable resolution of the litigation involving the Utah resort.
