NEWRY – American Skiing Co. said Tuesday it made progress toward getting its financial house in order by reaching an agreement with lenders on amendments to a $165 million financing package.

The announcement followed Monday’s deadline for the nation’s largest ski resort operator to work out a settlement with lenders on its technical default on $85 million in debt. The company revealed last month that it was in default because it failed to meet the earnings requirement spelled out in the terms of the loan.

Mark Miller, chief financial officer, said completion of the financing amendments lays the groundwork for American Skiing to complete other aspects of the company’s financial restructuring package.

Miller also cited progress in negotiations with lenders to American Skiing’s real estate subsidiary and said the company is nearing completion on a new infusion of capital.

American Skiing’s strategic plan also includes the sale of its Steamboat resort in Colorado and a staff reduction and reorganization.

Company spokesman Skip King said American Skiing has had “very informal discussions” with the New York Stock Exchange over the listing status of its stock.

King said the NYSE is awaiting results of the restructuring plans before making any decision. The stock exchange often considers delisting stocks when a company’s average market capitalization drops below $50 million for 30 trading days in a row.

American Skiing’s capitalization has been less than $50 million for the past 30 days and was at less than $30 million at the close of trading Monday.

The highly leveraged company has failed to earn an annual profit since it went public in 1997 at $18 a share. The stock closed Tuesday at 91 cents a share, up 1 cent for the day.

American Skiing’s properties include Sugarloaf USA and Sunday River in Maine; Attitash Bear Peak in New Hampshire; Killington, Mount Snow and Sugarbush in Vermont; The Canyons in Utah; and Heavenly along the California-Nevada line.