SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): December 30, 2004
AMERICAN SKIING COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 1-13057 04-3373730
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
136 HEBER AVENUE, SUITE 303
PARK CITY, UTAH 84060
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (435) 615-0340
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement
On December 30, 2004, the Company's subsidiary, Grand Summit Resort
Properties, Inc. (Grand Summit), entered into an Amendment Letter (Letter
Agreement) amending the Loan and Security Agreement (LSA), dated as of September
1, 1998, among Grand Summit, Textron Financial Corporation, as administrative
agent and the lenders parties thereto.
The Letter Agreement generally modifies Grand Summit's obligation under
the LSA to reduce the outstanding principal balance of the LSA as of December
31, 2004. The original requirement of the LSA mandated a maximum December 31,
2004 principal balance of $17,000,000. Pursuant to the Letter Agreement, this
amount has been amended to a revised maximum principal balance amount of
$17,350,989.59 as of December 31, 2004. In consideration of this amendment,
Grand Summit paid the lenders an amendment fee of $25,000 and the fees of
lenders' counsel.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Description of Exhibit Exhibit No.
Amendment Letter dated as of December 30, 2004 to Loan and 10.1
Security Agreement dated as of September 1, 1998 among Grand
Summit Resort Properties, Inc., the Lenders named therein,
and Textron Financial Corporation as administrative agent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned, thereunto duly authorized.
Dated: January 4, 2005
AMERICAN SKIING COMPANY
By: /s/ Foster A. Stewart, Jr.
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Name: Foster A. Stewart, Jr.
Title: Senior Vice President and
General Counsel
Exhibit Index
Description of Exhibit Exhibit No.
Amendment Agreement dated as of December 30, 2004 to Loan and 10.1
Security Agreement dated as of September 1, 1998 among Grand
Summit Resort Properties, Inc., the Lenders named therein,
and Textron Financial Corporation as administrative agent.