Watchers wonder why resort deal hasn’t closed
The two sides negotiating the sale of The Canyons on Friday extended a deadline for the transaction to be completed, the third time in two weeks the closing has been delayed.
"The closing was extended until next Friday by both parties and we’re working away to get it closed by then," said Mark Thorne, senior vice president for resort development for Talisker Corp. "That was mutually agreed to."
Park City-based American Skiing Company, the parent company to The Canyons, announced its plans to sell its last resort to Toronto-based Talisker Corp. last July for $100 million.
But Talisker Canyons Finance Co. missed the Friday deadline to close after agreeing initially to finalize the transaction before the end of 2007.
Thorne wouldn’t comment about why Talisker was unable to seal the deal for The Canyons after missing closing deadlines May 31 and June 6. The developer could lose a deposit of more than $12 million if the resort sale is not inked, according to Securities and Exchange Commission documents.
Despite the delays, Talisker officials still insist they will finalize the deal.
"We will be closing on The Canyons in the very near future," Thorne told The Park Record last week.
American Skiing Company acknowledges the deadline to close the deal was delayed to June 20 in an SEC document filed Friday.
Meanwhile, Talisker is wrangling in court with Vail Resorts Inc., which blames the developer for interfering in a deal Vail had to buy The Canyons last year.
Vail officials claim they topped Talisker by offering ASC more than $110 million for the resort and are still interested in buying The Canyons.
More than a decade ago, Wolf Mountain Resorts combined several parcels of land and leased thousands of acres at The Canyons to ASC. Wolf Mountain still controls much of the land leased to The Canyons and would be Talisker’s landlord should the company acquire the resort near Park City.
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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.