8-K 1 form8k100605gsrp.txt GSRP 100605 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): September 30, 2005 AMERICAN SKIING COMPANY (Exact name of registrant as specified in its charter) DELAWARE 1-13057 04-3373730 ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 136 HEBER AVENUE, SUITE 303 PARK CITY, UTAH 84060 ---------------------------------------- ----------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (435) 615-0340 NOT APPLICABLE (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 1.01. Entry into a Material Definitive Agreement On September 30, 2005, the Company's subsidiary, Grand Summit Resort Properties, Inc. (Grand Summit), entered into a Waiver Letter (Letter Agreement) amending the Loan and Security Agreement (LSA), dated as of September 1, 1998, among Grand Summit, Textron Financial Corporation, as administrative agent and the lenders parties thereto. The Letter Agreement generally waives any default arising from Grand Summit's failure under the LSA to reduce the outstanding principal balance of the LSA to not more than $10,000,000 as of September 30, 2005. As of September 30, 2005, the outstanding balance of the loan under the LSA was $ 10,262,074. Cash consideration of $5,608 was paid by Grand Summit in exchange for the waiver under the Letter Agreement. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. Description of Exhibit Exhibit No. Waiver Letter dated as of September 30, 2005 to Loan and Security 10.1 Agreement dated as of September 1, 1998 among Grand Summit Resort Properties, Inc., the Lenders named therein, and Textron Financial Corporation as administrative agent. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: October 6, 2005 AMERICAN SKIING COMPANY By: /s/ Foster A. Stewart, Jr. ---------------------------- Name: Foster A. Stewart, Jr. Title: Senior Vice President and General Counsel Exhibit Index Description of Exhibit Exhibit No. Waiver Agreement dated as of September 30, 2005 to Loan and Security 10.1 Agreement dated as of September 1, 1998 among Grand Summit Resort Properties, Inc., the Lenders named therein, and Textron Financial Corporation as administrative agent.