Six Flags files for bankruptcy protection
By Daniel at 13 June, 2009, 1:49 pm
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NEW YORK (MarketWatch) — Amusement-park operator Six Flags Inc. filed for bankruptcy protection on Saturday and is seeking an expedited approval from the court of its pre-negotiated reorganization plan.
The New York-based company said the reorganization will deleverage its balance sheet by about $1.8 billion and has support of the lenders’ steering committee and the administrative agent for the company’s $1.1 billion senior secured credit facility. The plan also eliminates more than $300 million in redeemable preferred stock obligations.
The Chapter 11 filing will have no impact on the day-to-day operations of its 20 parks in the U.S., Mexico and Canada, the company said.
http://www.marketwatch.com/story/six-flags-files-for-bankruptcy
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