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New York-based Six Flags (OTC BB: SIXF) said its reorganizatiohn plan has unanimous supportg ofits lenders’ steering committede and the administrative ageng for the company’s $1.1 billion seniot secured credit facility. The plan woulsd deleverage the company’s balance sheet by $1.8 billion, and cut more than $300 milliob in mandatorily redeemable preferreddstock obligations. The company listed assetas of $3.03 billion and debts of $2.365 billion in its filing. “The curreng management team inheriteda $2.4 billion debt load that cannott be sustained, particularly in these challenging financia l markets,” said Mark Shapiro, president and CEO of Six in a statement.
“As a result, we are cleaning up the past and positionin the company forfuture growth... Following a recorde year of performancein 2008, which completed the three-year turnaround of our system-wider park operation, this action to clea up the balance sheet paves the way for a full revivakl of the company. ” Six Flags has 97.7 million shares of commoh stockand 1.1 million sharez of preferred stock. Six Flags’ stock closed June 12 at 26 centzsa share. Six Flags reported a of 2009. It had a in 2008.
Six Flag s operates Atlanta's Six Flags Over American Adventures and Six Flags White Watertheme
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