Six Flags files Chapter 11 - bizjournals:

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New York-based Six Flags (OTC BB: said its reorganization plan has unanimous suppor t ofits lenders’ steering committee and the administrativ e agent for the company’s $1.1 billion seniodr secured credit facility. The plan would deleverage the company’sd balance sheet by $1.8 and cut more than $300 million in mandatoriluy redeemable preferredstock obligations. The companyg listed assets of $3.03 billion and debts of $2.36 billion in its filing. “The currentf management team inheriteda $2.4 billion debt load that cannotg be sustained, particularly in these challenging financial said Mark Shapiro, president and CEO of Six in a statement.
“Az a result, we are cleaning up the past and positioninyg the company forfutur growth... Following a record year of performance in which completedthe three-year turnarounx of our system-wide park operation, this action to clean up the balance sheet paves the way for a full revival of the company. ” Six Flags has 97.7 million shares of common stockand 1.1 million shares of preferred stock. Six Flags’ stock closed June 12 at 26 centdsa share. Six Flags reported a of 2009. It had a in 2008. Six Flagws operates Atlanta's Six Flags Over Georgia, Americanb Adventures and Six Flags White Watertheme parks.