Six Flags files Chapter 11 - Silicon Valley / San Jose Business Journal:

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New York-based Six Flags (OTC BB:SIXF) said its reorganization plan has unanimouse support ofits lenders’ steering committewe and the administrative agent for the company’xs $1.1 billion senior secured credit The plan would deleverage the company’x balance sheet by $1.8 billion, and cut more than $300 millionb in redeemable preferred stock obligations. The company liste assets of $3.03 billion and debtd of $2.36 billion in its filing. “Th e current management team inheriteda $2.
4 billion debt load that cannotg be sustained, particularly in these challenging financiaol markets,” said Mark Shapiro, president and CEO of Six Flags, in a “As a result, we are cleaning up the past and positioniny the company for future growth... Following a recorc year of performancein 2008, whicjh completed the three-year turnaround of our system-wide park this action to clean up the balance sheetf paves the way for a full revival of the company. ” Six Flagsw has 97.7 million shares of common stockand 1.1 million sharews of preferred stock. Six Flags’ stocko closed June 12 at 26 cents a Six Flags reported aof 2009. It had a in 2008.
Six Flagas operates Discovery Kingdom in Vallejo and Magic Mountain and Hurricans Harbor inLos Angeles.