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American Skiing completes its credit amendments

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NEWRY, Maine (Bloomberg) — American Skiing Co., the largest U.S. ski resort operator, said it completed amendments to a $165 million senior secured credit facility as the company tries to lower its debt level.

American Skiing, which owns The Canyons resort in Utah, negotiated with a group of lenders led by Fleet National Bank, said spokesman Skip King. He declined to say what concessions the company received. American Skiing is also in talks to receive an infusion of capital from an unnamed source and to lower the interest rate, King said.

The company, based in Newry, Maine, has said it is selling the Steamboat ski resort in Colorado to raise cash. The company's debt more the doubled from 1996 to 1999 as it acquired and built ski resorts.