AMERICAN SKIING COMPANY STOCK TAKES A DOWNHILL RUN
STEAMBOAT SPRINGSThe stock price of American Skiing Company slumped badly on the New York Stock Exchange Friday to an all-time low of 74 cents a share.
At the same time, a deadline for ASC to work out a settlement with its lenders came and went without the company issuing a substantive statement. ASC has ammased in the neighborhood of $400 millioin in debt.
The stock, which came on the exchange at $18 a share after its initial public offering in late 1997, dipped below $1 for the first time on June 21. It opened this week at 93 cents a share, dipped into the mid .80 cent range on Tuesday and Wednesday and finished below 85 cents on Thursday.
The stock enjoyed a little spike up to 90 cents when the market opened Friday, but rapidly lost that ground and went as low as 72 cents at midday.
Private investors who track the stock and speculate about its future were exchanging online bulletin board messages on Friday. There was speculation as to when the stock might be de-listed by the New York Exchange, whether it's a long-term sell and whether the company might opt for Chapter 11 bankruptcy.
American Skiing announced May 30 it would offer the Steamboat Ski Area and its other holdings in Steamboat for sale as part of a plan to get out from under heavy debt. ASC's CEO B.J. Fair and Chief Financial Officer Mark Miller are in the midst of negotiations with the company's creditors to seek restructuring of its major loans.
WORKSHOP SHOWS WRITERS HOW TO PORTRAY THE PAST IN WORDS
STEAMBOAT SPRINGS"Writing Local History," a workshop on how to write about people, places, events and traditions in a hometown, is presented by local writer Sureva Towler from 10 a.m. to 4 p.m. at the Art Depot Center in Steamboat Springs. Also keynoted by the authors of "Woven on the Wind," the workshop presents professionals and wannabe authors of books, newspaper and magazine articles, journals, guides and memoirs aspects of researching, writing, editing, designing, publishing, marketing and archiving. The seminar is free because of an underwritten grant from the Colorado Endowment for the Humanities to Legacy Books & Resource, a local nonprofit organization devoted to preserving and interpreting area history.
HERITAGE CENTER HOSTS PIONEER PICNIC ON JULY 8
HAYDENThe Routt County Pioneer Picnic is scheduled for 12:30 p.m. July 8 at Hayden Valley Elementary School, 300 Breeze Basin.
Those who plan to attend should bring a covered dish. Meat and drinks will be provided.
The picnic is being coordinated by the Hayden Heritage Center.