PARK CITY, UT ??” American Skiing Company announced today that it has refinanced its existing resort senior credit facility and its 12% Senior Subordinated Notes (both due in 2006) with a new $230 million senior secured credit facility co-led by Credit Suisse First Boston (CSFB) and GE Commercial Finance, Commercial & Industrial Finance (CIF), with a major participation in the new facility from Black Diamond Capital Management (Black Diamond). The new facility consists of a $125 million first lien loan, including a $40 million revolving credit line, due November 2010, and a $105 million second lien term loan due November 2011. In conjunction with the refinancing, the Company has also exchanged its 10.5% Repriced Convertible Exchangeable Preferred Stock for junior subordinated debt due in 2012, and extended the maturity of its existing $18 million in junior subordinated notes to 2012.

In aggregate, the comprehensive refinancing addresses over $320 million in debt and preferred equity securities and is the completion of refinancing efforts announced in September 2004. Significant financial and operational improvements enabled ASC to successfully complete the refinancing at favorable prevailing market rates while also extending maturities associated with the refinanced securities four to eight years. For CIF and Black Diamond, participation in the new senior secured credit facility will replace their respective holdings in the existing resort senior credit facility.

“The successful refinancing is a major milestone for ASC and is indicative of the substantial progress we have made in improving the overall financial stability of the Company,” said President and CEO B.J. Fair. “This refinancing addresses all portions of our resort debt structure, and is the result of hard work and financial discipline at all of our resorts. I’m especially pleased by the affirmation of CIF and Black Diamond in continuing their relationship with ASC, as well as our ability to attract CSFB to the new facility.”

Specific terms of the new facility allow for increased levels of reinvestment in the Company’s resorts, based upon the achievement of performance benchmarks.

“The new facility coupled with the exchange of the Series A Preferred Stock eases liquidity constraints and provides management with the tools necessary for continued investment and sustainable growth,” continued Fair. “Having successfully executed this key financial event, we are solely dedicated to continued operational improvements and ensuring the highest quality guest experience possible at our exceptional resorts.”