Mount Snow Completes Sale of Haystack

first_imgMount Snow Completes Sale of HaystackMOUNT SNOW, VERMONT – June 30, 2005 – Mount Snow Ltd. has announced thatit has completed the sale of Haystack Ski Resort in Wilmington, Vermont toagroup of local businesspersons known collectively as Tyringham Ridge.This is great news for community residents and businesses, said StanHansen, President and Managing Director of Mount Snow Ltd. Were hopingthat this investment triggers further investment within our Valley.Entered into on March 30, the Purchase and Sale Agreement provided for a$5,000,000 purchase price and included a two year right of first refusaloncertain non-operational lands owned by Mount Snow.This transaction allows us to fully concentrate our efforts on MountSnow,while encouraging Haystack to realize its full potential, commentedHansen.The synergy were working towards achieving is exciting.Under the terms of the agreement, Mount Snow Ltd. will continue to drawwater from sources at Haystack.Proceeds to Mount Snow Ltd. and American Skiing Company from the sale ofHaystack are expected to be used for additional liquidity, to fundcapitalexpenditures and reduce senior debt, each as permitted under AmericanSkiingCompanys senior credit facilities.###last_img