American Skiing obtains forbearance

New York, Nov. 27 - American Skiing Co. said its real estate development subsidiary American Skiing Co. Resort Properties, Inc. obtained a 30-day forbearance agreement from lenders on its $63 million senior secured credit facility.

The banks will not act on a payment defaults that has existing on the facility since May 2002. The forbearance runs for 30 days from Nov. 22.

The Park City, Utah ski and golf resort operator said negotiations will continue during the forbearance period with a goal of restructuring the facility. Included in the plan is creating a new special-purpose entity to hold American Skiing Co. Resort Properties' real estate development assets. Equity in the new entity will be held by the bank lenders and American Skiing.

Fleet National Bank is the administrative agent for the facility.

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