American Skiing Company Enters into Refinancing With GE
                Structured Finance and CapitalSource Finance LLC

     Transaction significantly improves the Company's financial flexibility


PARK CITY, UTAH - February 21, 2003 -- American Skiing Company (OTC: AESKE)
today announced that it has refinanced its existing $84.3 million resort senior
secured credit facility with a new facility led by GE Structured Finance
("GESF"), with additional financing provided by CapitalSource LLC
("CapitalSource"). The transaction is consistent with the Company's plan to
restructure existing resort debt and respond to business needs.

"We are pleased to have completed this transaction with GESF and CapitalSource,"
said CEO B.J. Fair. "The new facility not only reduces our amortization
requirements, but also provides additional operational flexibility and a vehicle
to take advantage of growth opportunities. This is a major step forward in the
restructuring of the Company."

The new $91.5 million senior secured credit facility, which closed on February
14, 2003, includes a $40.0 million revolving credit facility and a $31.5 million
term loan provided by GESF. In conjunction with the GESF facility, CapitalSource
provided a $20.0 million term loan. The GESF facility matures on April 15, 2006
while the CapitalSource term loan matures on June 15, 2006. Proceeds were used
to repay existing borrowings and certain other obligations under the prior
credit facility.

"We are excited to have completed such an important financing for American
Skiing Company," said Jeffrey Lupoff, the GESF Managing Director who led the
transaction team. "We have established a solid working relationship with the
company's senior management team and we look forward to working with them going
forward."

Richard DeBaere, Director of the Corporate Finance team for CapitalSource, added
"We are extremely pleased to have been able to assist American Skiing Company in
closing this new credit facility. We believe that American Skiing Company
represents one of the premier ski resort operators in the country, with a highly
experienced management team and world class properties."

The new facility will be secured by substantially all of the assets of the
Company and its subsidiaries, except the assets of the Company's real estate
subsidiaries, consistent with the Company's prior credit facility.

The Company also announced that it anticipates it will file its Form 10-K and
Form 10-Q for the fiscal periods ended July 28, 2002 and October 27, 2002,
respectively, with the Securities and Exchange Commission within the next ten
business days. The Company announced that it expects to report significant asset
impairment charges in its fiscal 2002 results of operations primarily due to
continuing unfavorable operating results in its real estate operations.

About GE Structured Finance

GE Structured Finance, a unit of GE Commercial Finance, is a leading investor
and provider of innovative structured financial products spanning all levels of
the capital structure. With more than 30 years of experience, GESF meets the
needs of its clients by combining industry and technical expertise with
significant financial capabilities. GESF's 400 professionals serve clients in
the commercial & industrial, communications, energy, project & trade finance,
and transportation markets, worldwide. In the year 2002 alone, the company
structured and financed more than 130 transactions worth $4 billion. Its managed
assets are approximately $20 billion. Find out more about GESF on
www.gestructuredfinance.com. GE Commercial Finance is a business of General
Electric Company. GE is a diversified services, technology and manufacturing
company with operations worldwide.

About CapitalSource Finance LLC

CapitalSource is one of the leading commercial finance companies in the United
States offering asset-based, senior and mezzanine financing ranging from $1
million to $40 million to small and mid-sized borrowers through three focused
lending units: Corporate Finance, Healthcare Finance, and Structured Finance.
CapitalSource has $540 million of committed equity capital and over $2.5 billion
in funding capabilities. For more information about CapitalSource Finance LLC,
visit www.capitalsource.com

About American Skiing Company

Headquartered in Park City, Utah, American Skiing Company is one of the largest
operators of alpine ski, snowboard and golf resorts in the United States. Its
resorts include Killington and Mount Snow in Vermont; Sunday River and
Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in
Colorado; and The Canyons in Utah. More information is available on the
Company's Web site, www.peaks.com.

This document contains both historical and forward-looking statements. All
statements other than statements of historical facts are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). These
forward-looking statements are not based on historical facts, but rather reflect
American Skiing Company's current expectations concerning future results and
events. Similarly, statements that describe the Company's objectives, plans or
goals are or may be forward-looking statements. Such forward-looking statements
involve a number of risks and uncertainties. American Skiing Company has tried
wherever possible to identify such statements by using words such as
"anticipate," "assume," "believe," "expect," "intend," "plan," and words and
terms similar in substance in connection with any discussion of operating or
financial performance. In addition to factors discussed above, other factors
that could cause actual results, performances or achievements to differ
materially from those projected include, but are not limited to, the following:
the Company's substantial leverage; restrictions on the Company's ability to
access sources of capital; changes in regional and national business and
economic conditions affecting both American Skiing Company's resort operating
and real estate segments; adverse weather conditions; failure to renew or
refinance existing financial liabilities and obligations or attain new outside
financing; failure to successfully restructure or refinance real estate credit
facilities; failure to keep key management personnel; the possibility of war and
its effect on the ski, resort, leisure and travel industries; uncertainties and
issues arising, positive or negative, related to the previously announced
re-audit of the Company's financial statements and other factors listed from
time-to-time in American Skiing Company's documents filed by the Company with
the Securities and Exchange Commission. The forward looking statements included
in this document are made only as of the date of this document and under section
27A of the Securities Act and section 21E of the Exchange Act, American Skiing
Company does not have or undertake any obligation to publicly update any
forward-looking statements to reflect subsequent events or circumstances.