Newry, Maine Sept 10, 2001 (AP)--Cash-strapped American Skiing Co. has agreed to sell its Sugarbush resort in Vermont to an investment group for an undisclosed amount, the ski resort operator announced Monday.
Summit Ventures N.E., a group of investors and ski professionals with ties to the Mad River Valley in Vermont, was formed to buy the resort in Warren, Vt.
``We know these mountains and what makes them special, and we're committed to preserving and enhancing the unique character of Sugarbush,'' said Thomas McHugh, chief executive officer of Summit Ventures.
Sugarbush was not for sale but Summit Ventures made an unsolicited offer that was in the best interest of the company, said B.J. Fair, American Skiing's chief executive officer.
American Skiing announced last week that it had completed a restructuring plan that includes a $30 million cash infusion from its majority shareholder, Texas-based Oak Hill Capital Partners.
As part of the restructuring, American Skiing also plans to sell its Steamboat resort in Colorado to help reduce debt incurred during a major expansion that coincided with two disappointing ski seasons.
The company's strategic plan does not include other asset sales, but officials have not ruled them out.
In addition, American Skiing's properties include Sugarloaf USA and Sunday River in Maine; Attitash Bear Peak in New Hampshire; Killington and Mount Snow in Vermont; The Canyons in Utah; and Heavenly along the California-Nevada line.
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