PORTLAND – Financially troubled American Skiing Co. announced Tuesday it is selling the Heavenly ski resort along the Nevada-California border and has called off the sale of Steamboat in Colorado.

The company said its sale of Heavenly would meet the debt reduction target spelled out in its restructuring program.

Colorado-based Vail Resorts said it agreed to buy Heavenly, in South Lake Tahoe, for $102 million in cash and assumed debt.

Vail said it hopes to close on the deal in 30 to 90 days. The sale price will be reduced by as much as $6 million depending on the closing date, the company said in a news release.

American Skiing has been struggling under a heavy debt load and has never turned an annual profit since going public in November 1997. The company said poor snow conditions contributed to its $43.5 million loss in the last quarter, which includes the Christmas holiday and the largest share of the winter season.

American Skiing is seeking a cash infusion to help get its debt under control. The Newry-based company already sold Sugarbush in Vermont and was in the process of selling its Steamboat resort in Colorado to the owners of Vermont’s Okemo Mountain Resort for $91.4 million.

In its announcement Tuesday, American Skiing indicated the Steamboat sale would not raise sufficient cash.

“While we initially identified Steamboat as the asset to be sold, it became clear after discussions with our key lenders that the objectives of the restructuring plan cold not be fully realized through this transaction,” said B.J. Fair, chief executive officer.

“In the end, we determined that the Heavenly sale would better achieve our goals for debt reduction and the overall restructuring plan,” he said.

The company’s more pressing debts include $94.6 million on a revolving loan and $61.5 million on a term loan, with Fleet National Bank as the lead lender.

Because of its low stock price, American Skiing was removed this month from the New York Stock Exchange. It now trades over the counter.

Brad McCurtain, who follows American Skiing for Maine Securities Co., said the Steamboat deal apparently fell apart when lenders saw that the proceeds would not be sufficient to meet the company’s obligations.

“This company has its back up against the wall, and whether a Chapter 11 filing happens or not, the company is being systematically taken apart by its creditors,” he said.

McCurtain said Vail is “definitely the quality player in the alpine ski business” and that “it must have hurt a lot” for American Skiing to sell to its archrival.