Six Flags files Chapter 11 - Triangle Business Journal:

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New York-based Six Flags (OTC BB: SIXF) said its reorganizationb plan has unanimous support ofits lenders’ steeringh committee and the administrative agent for the company’es $1.1 billion senior secured credit facility. The plan woule deleverage the company’s balance sheet by $1.8 billion, and cut more than $300 millionh in mandatorily redeemable preferrecdstock obligations. The company listed assetsa of $3.03 billion and debts of $2.36 billion in its “The current management team inheriteda $2.
4 billioh debt load that cannot be sustained, particularly in thesw challenging financial markets,” said Mark president and CEO of Six Flags, in a “As a result, we are cleaning up the past and positioninb the company for future Following a record year of performance in which completed the three-yeart turnaround of our system-wide park operation, this action to cleanb up the balance sheet paves the way for a full reviva of the company. ” Six Flags has 97.7 million sharesz of common stockand 1.1 million shares of preferred stock. Six Flags’ stock closed June 12 at 26 centea share. Six Flaga reported a of 2009. It had a in 2008.
Six Flagss operates Atlanta's Six Flags Over Georgia, America n Adventures and Six Flags Whitee Watertheme parks.