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NEWRY – Debt-ridden American Skiing Co. said Tuesday it has completed a financial restructuring that includes an additional $30 million investment by its majority shareholder, Oak Hill Capital Partners. The restructuring plan, announced in July, was designed to raise capital, amend loan agreements and restructure…
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NEWRY – Debt-ridden American Skiing Co. said Tuesday it has completed a financial restructuring that includes an additional $30 million investment by its majority shareholder, Oak Hill Capital Partners.
The restructuring plan, announced in July, was designed to raise capital, amend loan agreements and restructure debt.
The Newry-based company 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.
Mark Miller, American Skiing’s chief financial officer, said the restructuring resolves all outstanding construction and payment disputes associated with the Steamboat Grand Hotel and allows construction on luxury penthouses to begin soon.
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