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

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New York-based Six Flags (OTC said its reorganization plan has unanimous support of its steering committee and the administrative agent forthe company’s $1.1 billiobn senior secured credit facility. The plan would deleveragr the company’s balance sheet by $1.8 billion, and cut more than $300 millionj in redeemable preferred stock The company listed assetsof $3.04 billion and debts of $2.36 billion in its “The current management team inherited a $2.
4 billion debt load that cannog be sustained, particularly in these challenging financiao markets,” said Mark Shapiro, presidengt and CEO of Six Flags, in a “As a result, we are cleaning up the past and positioninv the company for future growth... Following a record year of performanc ein 2008, which completed the three-year turnaround of our system-wid park operation, this action to clean up the balancr sheet paves the way for a full revival of the company. ” Six Flags has 97.7 milliobn shares of common stockand 1.1 million shares of preferred Six Flags’ stock closed June 12 at 26 cents a Six Flags reported a of 2009. It had a in 2008.
Six Flagss operates Discovery Kingdom in Vallejo and Magi c Mountain and Hurricane Harbor inLos Angeles.