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Steamboat Resort Owner Defaults on Loans

STEAMBOAT SPRINGS, CO-American Skiing Co. Resort Properties Inc. admits in a Securities & Exchange Commission filing that it is in default on a $63.4-million loan owed to Fleet National Bank and other lenders.

By John Rebchook | Updated on May 28, 2002

STEAMBOAT SPRINGS, CO-Maine-based American Skiing Co. real estate subsidiary, American Skiing Co. Resort Properties Inc., is in default of its senior secured credit facility with Fleet National Bank and other lenders, according to a Securities & Exchange Commission filing examined by GlobeSt.com. American Skiing, a penny stock trading under the symbol AESK on the Over the Counter Bulletin Board, owns the Steamboat Springs resort in Colorado.

The SEC 8-K filing notes the real estate subsidiary failed to make certain required payments of principal and interest ”and all cure periods with respect to such payment default had expired.”

Attorneys notified the real estate company it would accelerate the entire remaining principal and accrued interest of $63.4 million owed to the Fleet group.

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