NEWRY, ME A recent Reuters report stated that American Skiing Co. s Chief Executive, Leslie Otten, is resigning and the company s fiscal year cash flow is expected to be below or at the low end of previous forecasts. Otten will be succeeded by William “B.J.” Fair, who is currently the company s COO.
Fair, who has worked for American Skiing for 12 months, said that the company s resort cash flow will likely be at or slightly below the previously forecast range of $50-$60 million for the fiscal year, which has four months remaining.
American Skiing had planned to merge with Meristar Hotel & Resorts, however, that deal recently fell apart due to cooling economic (and industry) conditions. The deal, which had been some eight months in the making, was effectively abandoned because of the inability to effect the capital markets transactions required to consummate the merger, said the companies. (3/28/01)
SOURCE:Reuters