MOUNT SNOW, Vermont ??вЂќ Mount Snow Ltd. announced today that it has completed the sale of Haystack Ski Resort in Wilmington, Vermont to a group of local businesspersons known collectively as Tyringham Ridge.
“This is great news for community residents and businesses,” said Stan Hansen, President and Managing Director of Mount Snow Ltd. “We’re hoping that this investment triggers further investment within our Valley.”
Entered into on March 30, the Purchase and Sale Agreement provided for a $5,000,000 purchase price and included a two year right of first refusal on certain non-operational lands owned by Mount Snow.
“This transaction allows us to fully concentrate our efforts on Mount Snow, while encouraging Haystack to realize its full potential,” commented Hansen. “The synergy we’re working towards achieving is exciting.”
Under the terms of the agreement, Mount Snow Ltd. will continue to draw water from sources at Haystack.
Proceeds to Mount Snow Ltd. and American Skiing Company from the sale of Haystack are expected to be used for additional liquidity, to fund capital expenditures and reduce senior debt, each as permitted under American Skiing Company’s senior credit facilities.