Canyons deal did not close
Toronto-based Talisker Corp. did not finalize its purchase of The Canyons by a May 31 deadline.
An extension agreement allowed the developer of Empire Pass until Friday to close the deal, according to documents filed Monday with the Securities and Exchange Commission.
The sale of The Canyons to Talisker Canyons Finance Co., a Talisker Corp. subsidiary, was announced last summer by the resort’s parent, American Skiing Company.
Talisker agreed to finalize the transaction by Dec. 31, 2007.
"[Talisker] exercised its right to extend the deadline for closing on its acquisition of the The Canyons [to May 31,]" the SEC report American Skiing Co. filed this week states.
Now Talisker risks losing a $12.5 million "good faith" deposit if the deal does not close Friday, according to the SEC document.
"We continue to work with the Talisker organization to close the transaction," American Skiing Co. President and CEO William J. Fair said Tuesday. "We signed the extension and we continue to work with them to get it done."
Talisker chief Jack Bistricer declined to comment Tuesday. His firm agreed to buy The Canyons for about $100 million.
But Wolf Mountain Resorts still would control land that is leased to The Canyons and would be Talisker’s landlord at the resort near Park City.
"Frankly, it does not surprise me that the transaction did not close on time. All we can do at this point is wait and see if Jack Bistricer and his Talisker entities have the financial capability to close the transaction, in the form we agreed to," Wolf Mountain Resorts Managing Partner Kenny Griswold said Tuesday.
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Park City officials are preparing to take what is considered to be an important step in protecting the Treasure land from wildfires. City Hall in early June requested proposals from firms interested in the work.