Business briefs for March 21
March 20, 2004
Grand Summit Resort Properties Inc., has announced its auction of fractional ownership inventory at the Canyons Grand Summit Resort Hotel in Park City, Utah, in February was a sell out.
GSRP, a subsidiary of American Skiing Company Resort Properties Inc., reported that it sold, or has under contract, 29 whole ownership units and 61 quartershare units. GSRP expects to receive proceeds from auction presales, the auction and post auction sales of about $15.6 million. Proceeds will be used to reduce existing GSRP debt and provide liquidity for ongoing operations.
American Skiing Company is the parent company of the Steamboat Ski Area. The Steamboat Grand Hotel continues to have a significant number of unsold fractional ownership units.
SpringSips signs up with Qwest DSL
Steamboat Springs Internet service provider SpringSips has signed a contract with Qwest to enable it to provide Internet service for Qwest DSL customers.
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“The speed of Internet access is determined by phone lines,” SpringSips owner Stephanie Reineke said. “For six years we’ve continually looked for ways to get affordable high speed access for the region. By being able to sell Qwest DSL line access, we have another way to do that.
For more information, call 871-0913.
United Airlines delays end to bankruptcy
the associated press
United Airlines officials said March 18 that the airline will take longer than planned to get out of Chapter 11 bankruptcy, telling federal bankruptcy court it would be premature to emerge by June 30 as intended because several critical issues are unsettled.
The nation’s No. 2 carrier did not cite a new target date but said it expects to be able to exit bankruptcy this summer if it receives a $1.6 billion federal loan guarantee soon and if Congress approves pending legislation granting airlines pension relief.
Despite restructuring efforts that have made it a “stronger and more sustainable company,” United officials said, much work remains to be done.