ASC Completes $150 Million Investment

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SAM Magazine--Newry, Me., August 9, 1999--American Skiing Company (ASC) has closed its previously announced $150 million investment by Oak Hill Capital Partners, L.P., a private equity investment group. In addition, ASC's lenders have given the company the go ahead on simplifying its capital structure by merging ASC East, Inc. and ASC West, Inc. into the parent company.

Les Otten, CEO and chairman of ASC said, "Our entire organization is energized about the benefit of this transaction to our resort communities, as we now have the resources to continue to execute our development plans."

For more insight into this transaction, check out the Harbaugh Report on this Website.