Below is an update on the Talisker Purchase of The Canyons….but first….let’s acknowledge the Park City Highschool’s recent ranking by Newsweek Magazine as 286 in the nation….not to shabby! Also, the Park City Highschool Soccer Team took state last week. GO PCHS!!!!!!
Talikser Purchasing The Canyons – Update:
Talisker Corporation is still working on moving toward closing on the purchase of the Canyons Resort. Closing was supposed to have taken place by the end of business last Saturday.
Tim Vetter the spokesman for The Canyons confirmed that the sale did not go through on Saturday as planned, but an extension is in place.
According to a form filed with the Securities and Exchange Commission Monday, the extension runs until Friday. Vetter added that everyone is working away to make the sale happen.
Kenny Griswold who owns the majority of property at The Canyons resort and would be Talisker’s landlord after the sale, says it’s unfortunate the sale didn’t close on Saturday, adding that this delay doesn’t create a lot of confidence.
Because American Skiing Company is a publicly traded company, all disclosures must be filed with the Securities and Exchange Commission before publicly disclosed.
According to the amended Purchase Agreement between Talisker and American Skiing Company, the owner of The Canyons, Talisker had until May 31st to secure the 125-million dollars to close on the sale, which included $100-million for the lease to operate the resort and another 25-million that would go into an account to operate the resort.
Two months ago, on March 25th, ASC and Talisker entered into an amendment of the Purchase Agreement acknowledging that Talisker and ASC are not in breach of the agreement, that they have waived the right to terminate the Agreement except under certain limited circumstances. They also agreed to certain conditions on any subsequent sale of the Canyons by Talisker in limited circumstances. None of those circumstances were disclosed.
Talisker has as much as 20-million dollars riding on this acquisition in the form of non-refundable deposits which have been paid to postpone closing on the sale. Talisker was first scheduled to close on the Canyons last December 31st. At that time, an additional 2 and a half million dollars was deposited, bringing the total good faith deposit to 12 and a half million dollars. In March, an additional deposit was made for 7 and a half million dollars in exchange other concessions made under the Purchase Agreement.