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Bondholders reach proposal to end Six Flags bankruptcy
Posted by: webmaster | 23 March 2010 09:52

A group of bondholders led by Stark Investments will take control of Six Flags Inc under a proposal announced on Friday that would lift the theme park operator out of bankruptcy.

Under the proposal, which requires court approval, the Stark group will invest $725 million in new equity in Six Flags. Bondholders will also borrow $1.1 billion. The money will go to pay off creditors and provide working capital after the company emerges from bankruptcy.

Current management will remain in place under the plan, with Daniel Snyder, the owner of the Washington Redskins football team remaining as chairman, and Mark Shapiro, will stay as chief executive.

The proposed deal came on the ninth day of a trial in which the company was seeking approval of its plan of reorganization.

Friday's settlement is expected to go before the court for approval on April 16, with the company expecting to emerge from bankruptcy shortly thereafter.

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Topic: Bondholders reach proposal to end Six Flags bankruptcy
ClarkC 30-Mar-2010 09:40:06
In any downturn in the economy, there are going to be a lot more [url= 03/24/market-signs-force-people-watch-mortgage-pers onal-loans/ ]bankruptcy[/url] filings than typical - that's the way things work. It isn't only for people that experience job loss and can't keep up on underwater mortgages, either - some of the largest businesses and companies have filed as well. Chrysler, GM, and Six Flags all filed for bankruptcy, GM and Chrysler asked for payday loans from the government to float them - and got them. So did Wall Street. What does this mean? Well, the big one is that you have to budget and spend smartly all the time. You can't undertake excessive debt and maintain irresponsible practices.

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