"ASC is done
American Skiing Co. said Monday it was selling its last ski area and going out of business.
ASC, which owned 10 ski areas as recently as 2001, said it would sell its flagship The Canyons, a 3,700-acre resort in Park City, for $100 million to an affiliate of Toronto-based Talisker Corp., a luxury resort club operator that has invested heavily in lodging at Deer Valley, another Park City resort.
Talisker became owner of land and mineral rights at Deer Valley and Park City Mountain Resort, which are operated by separate companies, when it bought United Park City Mines in 2003.
American Skiing began operating The Canyons in 1997, taking over a tiny ski area called Wolf Mountain. Over the years it invested heavily in mountain and base lodge amenities, adding terrain and lifts as recently as last winter.
It previously announced the sale of Maine's two largest ski areas - Sunday River and Sugarloaf/USA - leaving The Canyons as its last resort.
Common stockholders will get nothing as American Skiing dissolves and lets corporate employees go. "
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