American Skiing Co. closes sale of Sugarbush

NEWRY – American Skiing Co. said Monday it has closed on the sale of its Sugarbush resort to a group of Vermont investors.

Terms of the previously announced sale of the Warren, Vt., ski area to Summit Ventures NE Inc. were not disclosed.

“The sale is consistent with our strategic plan to focus management and financial resources on our highest growth opportunities,” said Mark Miller, American Skiing’s chief financial officer.

The cash-strapped company said it will use the proceeds of the sale to reduce debt. American Skiing recently completed a restructuring plan that includes a $30 million investment from its majority shareholder, Texas-based Oak Hill Capital Partners.

The restructuring includes the sale of the Steamboat resort in Colorado. Sugarbush was not on the market, but Summit Ventures made an unsolicited offer.