American Skiing Company to Dissolve on Sept. 13
SAM Magazine-Park City, Ut., Sept.Â 12, 2007-American Skiing Company (ASC) has filed a Certificate of Dissolution with the Delaware Secretary of State in accordance with its previously announced plan of complete dissolution and liquidation. The dissolution will become effective as of Sept.Â 13. Trading of ASC's stock on the OTC Bulletin Board will also cease after Sept.Â 12, 2007.
Following dissolution, ASC will cease conducting normal business operations, except as may be required to wind up its business affairs and to liquidate its holdings. Subsidiaries will continue their corporate existence and will continue to operate. ASC will also honor all of its existing contractual commitments and will maintain adequate capitalization of its subsidiaries through the proceeds from the resort sales which ASC has already completed. ASC will also continue to actively prosecute and defend all material litigation matters affecting it and its subsidiaries.
After payment of or provision for all of ASC's known, unascertained or contingent debts, obligations and liabilities, payment or distributions will be made to the holders of ASC's SeriesÂ C preferred stock, Oak Hill Partners. ASC expects to make its first distribution upon completion of the pending sale of The Canyons ski resort, expected to occur in the fourth calendar quarter of 2007. Holders of ASC's common stock are not expected to receive any payment or distribution pursuant to the dissolution.