Is Stowe, one of the Vermont ski resorts, under new ownership?
STOWE, Vt. — Troubled insurance giant American International Group has sold Stowe Mountain Resort to a subsidiary, ending more than a year of uncertainty about the future of the Vermont ski area. Chartis, formed last summer by AIG, acquired the resort Dec. 31. Terms weren’t disclosed. AIG, which received about $182 billion in federal bailout money last year after nearly collapsing, said in May that it was taking offers on Stowe in a bid to divest itself of non-core assets. Two months later, AIG spun off its property casualty and general insurance business to the new subsidiary. “We believe this investment is beneficial to the resort’s employees and the Stowe community at large, as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.,” Chartis said in a prepared statement, referring to the ski resort as “an attractive investment.” Stowe Mountain Resort spokesman Michael Colbourn said Thursday that skiers, riders and other customers won’t see any di
STOWE, Vt. — Troubled insurance giant American International Group has sold Stowe Mountain Resort to a subsidiary, ending more than a year of uncertainty about the future of the Vermont ski area. Chartis, formed last summer by AIG, acquired the resort Dec. 31. Terms weren’t disclosed. AIG, which received about $182 billion in federal bailout money last year after nearly collapsing, said in May that it was taking offers on Stowe in a bid to divest itself of non-core assets. Two months later, AIG spun off its property casualty and general insurance business to the new subsidiary. “We believe this investment is beneficial to the resort’s employees and the Stowe community at large, as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.,” Chartis said in a prepared statement, referring to the ski resort as “an attractive investment.” Stowe Mountain Resort spokesman Michael Colbourn said Thursday that skiers, riders and other customers won’t see any di
The Stowe Mountain Resort has a new owner. WCAX-TV is reporting that the resort’s previous owner, the American International Group, had transferred ownership to a spinoff division of the company called Chartis. Ski operations, two golf courses and a new upscale lodge are now owned by Chartis. The financial terms of the deal were not released. AIG took up to $182.5 billion in federal bailout money. Chartis was created last summer when AIG spun off its property casualty and general insurance business. Visitors and the 1,500 employees at the Stowe resort shouldn’t notice any difference under the new ownership.
The Stowe Mountain Resort has a new owner. WCAX-TV is reporting that the resort’s previous owner, the American International Group, had transferred ownership to a spinoff division of the company called Chartis. Ski operations, two golf courses and a new upscale lodge are now owned by Chartis. The financial terms of the deal were not released. AIG took up to $182.5 billion in federal bailout money. Chartis was created last summer when AIG spun off its property casualty and general insurance business. Visitors and the 1,500 employees at the Stowe resort shouldn’t notice any difference under the new ownership. Sources: http://www.rutlandherald.
STOWE, Vt. — Troubled insurance giant American International Group has sold Stowe Mountain Resort to a subsidiary, ending more than a year of uncertainty about the future of the Vermont ski area. Chartis, formed last summer by AIG, acquired the resort Dec. 31. Terms weren’t disclosed. AIG, which received about $182 billion in federal bailout money last year after nearly collapsing, said in May that it was taking offers on Stowe in a bid to divest itself of non-core assets. Two months later, AIG spun off its property casualty and general insurance business to the new subsidiary. “We believe this investment is beneficial to the resort’s employees and the Stowe community at large, as it provides stability and clarity on the ownership of one of the finest resorts in the U.S.,” Chartis said in a prepared statement, referring to the ski resort as “an attractive investment.” Stowe Mountain Resort spokesman Michael Colbourn said Thursday that skiers, riders and other customers won’t see any di
