SKI RESORTS GET $150M BOOST

Source: American Skiing Co.

July 22, 1999
NEWRY, Maine -- American Skiing Co., the ski resort company that operates Killington, Mt. Snow and Sugarbush in Vermont, said a private equity firm agreed to invest $150 million for resort development and debt reduction.

The investment by closely held Oak Hill Capital Partners LP represents a 48.5 percent stake, making it American Skiing's largest shareholder. Oak Hill, was founded by Texas oil billionaire Robert M. Bass. It is based in New York and Menlo Park, California, will receive convertible preferred stock.

American Skiing was hurt by warm weather in the eastern U.S. and dry weather in the western U.S. this past winter.