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American Skiing Company Completes Financing Amendments, Nears Completion of Restructuring Package.

NEWRY, Maine, July 10 /PRNewswire/ --

American Skiing Company (NYSE: SKI) announced today that it has successfully completed amendments to its $165 million resort senior credit facility, which is a key component of the Company's previously announced comprehensive strategic plan to improve its capital structure and enhance future operating performance.

The amended facility includes new covenants consistent with the Company's revised business plan and retroactively amends certain financial covenants with respect to the Company's recently completed third fiscal quarter.

"We are pleased that we completed the amendments to the senior credit facility working together with the syndicate," said American Skiing Company chief financial officer Mark Miller. "The amended facility lays the groundwork for completing the other aspects of the Company's financial restructuring package, so this is a major development in completing our objectives."

Miller said that American Skiing Company was encouraged by progress made in negotiations with lenders to the Company's Real Estate subsidiary and that the Company is nearing completion of a new infusion of capital. A comprehensive announcement detailing the terms of the entire restructuring package will be released upon completion of the remainder of the negotiations.

No assurance can be given at this time that the remaining negotiations will be successfully concluded. The inability to successfully renegotiate the terms of the real estate credit facilities would likely have a material adverse effect on the Company. The Company's management encourages interested parties to review its recently filed Form 10Q for a more complete discussion of these matters.

About American Skiing Company

Headquartered in Newry, Maine, American Skiing Company is the largest operator of alpine ski, snowboard and golf resorts in the United States. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada. More information is available on the company's Web site, www.peaks.com.

This document contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are not based on historical facts, but rather reflect American Skiing Company's current expectations concerning future results and events. Similarly, statements that describe our objectives, plans or goals are or may be forward looking statements. Such forward-looking statements involve a number of risks and uncertainties. In addition to factors discussed above, other factors that could cause actual results, performances or achievements to differ materially from those projected include, but are not limited to, the following: failure to fully implement the restructuring plan outlined by the Company in a press release on May 30, 2001; failure to successfully renegotiate current capital facilities and debt instruments on terms advantageous to the Company, if at all; changes in regional and national business and economic conditions affecting both American Skiing Company's resort operating and real estate segments; competition and pricing pressures; failure to effectively manage growth, business and financial condition; failure to effectively integrate or operate recently acquired companies and assets; failure to renew or refinance existing financial liabilities and obligations or attain new outside financing; failure of on-mountain improvements and other capital expenditures to generate incremental revenue; adverse weather conditions regionally and nationally; seasonal business activity; changes to federal, state and local land use regulations; changes to federal, state and local regulations affecting both American Skiing Company's resort operating and real estate segments; litigation involving anti-trust, consumer and other issues; failure to renew land leases and forest service permits; disruptions in water supply that would impact snowmaking operations and impact operations; the loss of any of our executive officers or key operating personnel; control of American Skiing Company by principal stockholders; failure to hire and retain qualified employees; and other factors listed from time-to-time in American Skiing Company's documents filed by the Company with the Securities Exchange Commission. The forward looking statements included in this document are made only as of the date of this document and under section 27A of the Securities Act and section 21E of the Securities Exchange Act, we do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

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Publication:PR Newswire
Date:Jul 10, 2001
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