FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 Date of Report
American Skiing Company
(Exact name of registrant as specified in its charter)
_____________________________
Commission File Number 333-9763
_____________________________
Maine 01-0503382
(State or other jurisdiction of (Employer Identification
incorporation or organization) Number)
P.O. Box 450
Bethel, Maine 04217
(Address of principal executive office) (Zip Code)
(207) 824-5196
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed
since last report.)
Item 2. Acquisition or Disposition of Assets
On July 3, 1997 ASC Utah, a sister corporation to American
Skiing company (the "Company"), acquired the Wolf Mountain ski
resort (the "Resort") located in Summit County Utah. Prior to
the acquisition Leslie B. Otten, holder of 96% of the outstanding
common stock of the Company, transferred all his shares of common
stock of the Company to ASC Holdings, Inc. a Maine corporation
wholly owned by Mr. Otten. ASC Utah, a wholly-owned subsidiary
of ASC Holdings, Inc., purchased the personal property of the
Resort for a purchase price of $7.7 million and entered into a
long-term lease of the real estate constituting the Resort (the
"Acquisition"). The lease has a term, including options to
extend, of 200 years. The lease also contains an exclusive
option for ASC Utah to acquire fee title to real estate it
intends to develop.
The company entered into a non-binding letter of intent to
acquire the Resort on April 9, 1997. The Company did not
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consummate the transaction due to certain limitations contained
in the Indentures governing its 12% Senior Subordinated Notes due
2006 and its 13 3/4% Subordinated Discount Notes due 2007 . Rather
than forego the opportunity to acquire the Resort, Mr. Otten
formed ASC Holdings, Inc. and ASC Utah in order to complete the
transaction.
The Resort will be re-named "The Canyons" and will be
operated under common management with the Company and its
existing resorts. The operation of the resorts under a common
management program is expected to enhance both the Company's
existing resorts and the Resort through common management and
coordinated marketing programs.
SIGNATURE
Pursuant to the requirements of the Securities Echoing Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
AMERICAN SKIING COMPANY
Dated: July 15, 1997 By: /s/ Thomas M. Richardson
Name: Thomas M. Richardson
Title: Chief Financial Officer
By: /s/ Christopher E. Howard
Name: Christopher E. Howard
Title: Chief Administrative
Officer
