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): September 30, 2005
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 September 30, 2005, the Company's subsidiary, Grand Summit Resort Properties,
Inc. (Grand Summit), entered into a Waiver 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 waives any default arising from Grand Summit's
failure under the LSA to reduce the outstanding principal balance of the LSA to
not more than $10,000,000 as of September 30, 2005. As of September 30, 2005,
the outstanding balance of the loan under the LSA was $ 10,262,074. Cash
consideration of $5,608 was paid by Grand Summit in exchange for the waiver
under the Letter Agreement.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
Description of Exhibit Exhibit No.
Waiver Letter dated as of September 30, 2005 to Loan and Security 10.1
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: October 6, 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.
Waiver Agreement dated as of September 30, 2005 to Loan and Security 10.1
Agreement dated as of September 1, 1998 among Grand Summit Resort
Properties, Inc., the Lenders named therein, and Textron Financial
Corporation as administrative agent.