Struggling American Skiing Co. continues to sell its ski resort assets, and a company spokesman said it is poised to divest its valuable Steamboat property within three months, a move which should help American sidestep bankruptcy. “There’s definite interest in [the Steamboat property] and we should sell it by the end of the year,” the spokesman said. The company regards the Steamboat property as the crown jewel in its resort portfolio. In fact, one analyst said Steamboat could fetch between seven and eight times 2001 EBITDA, which translates to about $300 million to $400 million (See M&AR, 6/18/01).
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