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American Skiing Co. to Sell The Canyons and Dissolve

American Skiing Co. to Sell The Canyons and Dissolve

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SALT LAKE CITY (AP) -- American Skiing Company is selling its last ski area -- The Canyons in Park City -- and going out of business.

American Skiing once owned as many as 10 ski areas. Now it's down to three ski areas and has already agreed to sell the other two -- Maine's Sunday River and Sugarloaf/USA.

American Skiing announced Monday it would sell its flagship The Canyons for $100 million to an affiliate of Toronto-based Talisker Corporation, a luxury club operator.

Company executives say American Skiing will dissolve by September.

American Skiing's majority preferred stockholder pushed for the company's liquidation based on rising market values for ski areas.

Still, New York-based private equity firm Oak Hill Capital Partners won't recover its entire investment from American Skiing.

(Copyright 2007 by The Associated Press. All Rights Reserved.)

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