Six Flags Corporate Discussion Thread

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Postby Orient Wolf » Fri Jan 15, 2010 9:20 am

Magic Springs was never a Six Flags or Premier park. It was previously owned by Themeparks LLC and was sold to CNL and then leased back to Themeparks LLC (early 2008). In June of 2008 it was announced that Parc would be taking over the lease and the operation of the park.

Seven parks were sold to Parc Management from Six Flags in 2007. They were:

Frontier City- Oklahoma City
White Water Bay - Oklahoma City
Darien Lake - Buffalo
Elitch Gardens - Denver
Wild Waves - Seattle
Water World -San Fran
Splashtown -Houston

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Postby parcmanagement » Fri Jan 15, 2010 3:45 pm

Misleading rumors have surfaced that PARC Management, LLC (“PARC”) would like to dispel. Six Flags has not brought legal action against PARC for the return of the parks purchased by PARC from Six Flags in April 2007. PARC and Six Flags have had an ongoing dispute regarding the language of one of the agreements made between them as part of the 2007 purchase. This dispute involves the interpretation of a promissory note in which Six Flags alleges the language provides for non-scheduled principal pre-payments. Early last year PARC filed suit against Six Flags asking the court to declare the language does not provide for non-scheduled principal pre-payments. This action was “stayed” when Six Flags filed Bankruptcy (meaning that PARC could not proceed in its legal action without Bankruptcy Court approval). Very recently, Six Flags filed in its Bankruptcy proceeding a claim based on this year-old dispute. You should know that Six Flags has not sought, has no right to recover and has no security interest in any of its former properties. Six Flags has not requested any relief other than financial recovery for the alleged non-scheduled principal prepayments. In fact, PARC has upheld its obligations under its agreements with Six Flags and will continue to do so. Most importantly, PARC is looking ahead to the 2010 season with many new events planned for its 25 theme parks and family entertainment centers across the United States and Canada.

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Postby ragerunner » Sun Jan 17, 2010 10:33 am

parcmanagement wrote:Misleading rumors have surfaced that PARC Management, LLC (“PARC”) would like to dispel. Six Flags has not brought legal action against PARC for the return of the parks purchased by PARC from Six Flags in April 2007. PARC and Six Flags have had an ongoing dispute regarding the language of one of the agreements made between them as part of the 2007 purchase. This dispute involves the interpretation of a promissory note in which Six Flags alleges the language provides for non-scheduled principal pre-payments. Early last year PARC filed suit against Six Flags asking the court to declare the language does not provide for non-scheduled principal pre-payments. This action was “stayed” when Six Flags filed Bankruptcy (meaning that PARC could not proceed in its legal action without Bankruptcy Court approval). Very recently, Six Flags filed in its Bankruptcy proceeding a claim based on this year-old dispute. You should know that Six Flags has not sought, has no right to recover and has no security interest in any of its former properties. Six Flags has not requested any relief other than financial recovery for the alleged non-scheduled principal prepayments. In fact, PARC has upheld its obligations under its agreements with Six Flags and will continue to do so. Most importantly, PARC is looking ahead to the 2010 season with many new events planned for its 25 theme parks and family entertainment centers across the United States and Canada.


Hope PARC management can move the parks forward with quality development. Things are tight for most in the industry, but things must be very tight for PARC since they appear to not be adding any new rides at any of their parks this year. I could be wrong but I don't think they added any new rides last year either (except at Wild Waves).

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Wed Feb 17, 2010 10:15 pm

http://www.dailyherald.com/story/?id=359517

Resilient Capital Management LLC, a holder of mandatorily redeemable preferred stock in Six Flags Inc., will urge the Delaware bankruptcy judge at a Feb. 19 hearing to appoint a Chapter 11 trustee for the theme-park operator.

With a contested plan confirmation hearing scheduled to begin March 8 and continue through March 19, Resilient contends Six Flags executives are putting their own interests ahead of creditors. As evidence of the abdication of responsibilities to creditors, Resilient argues that managers are "poised to collect a bankruptcy jackpot and success fee in excess of $100 million for landing the debtors in bankruptcy and then bringing them out."

Resilient contends in papers filed Feb. 11 that Six Flags executives failed to pursue avenues that would have averted bankruptcy "because doing so would have deprived the management team of its bankruptcy jackpot."

Resilient's request is being made in opposition to Six Flags' motion for an extension until April 2 of the exclusive right to propose a Chapter 11 plan. Resilient wants a trustee who would presumably craft a plan that wouldn't wipe out common or preferred shareholders. If the judge isn't inclined to have a trustee, Resilient says it would settle for an examiner to perform an investigation into how the company arrived at the plan now on the table.

Resilient had been attempting last year to gain permission from the judge to file a competing reorganization plan. For a discussion of Six Flags' plan and the proposed alternative, click here to see the Bloomberg daily bankruptcy report from Dec. 1.

The Six Flags Chapter 11 petition in June listed assets of $2.9 billion against debt totaling $3.4 billion, including an $850 million secured term loan and a $243 million revolving credit. New York-based Six Flags filed under Chapter 11 with 20 theme parks, including 18 in the U.S. (One of which is in Gurnee.) The parks have 800 rides, including 120 roller coasters.

The case is Premier International Holdings Inc., 09-12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Mon Feb 22, 2010 2:39 pm

http://www.reuters.com/article/idUSN1922747620100219

Six Flags, which has locked horns with creditors for months over its plans to exit bankruptcy, will be the only group allowed to present a restructuring plan to the court until April 5, after which other groups can present their own plans, according to a lawyer for the company.

Six Flags has said the extension means that it will be able to solicit votes ahead of its March 8 confirmation hearing, at which time the court will decide whether to give the plan the go-ahead, without the distraction of a competing plan.

Judge Christopher Sontchi in U.S. Bankruptcy Court for the District of Delaware overruled objections from some creditors to an extension to the company's deadline, according to Paul Harner, a lawyer at Paul, Hastings, Janofsky & Walker, who represents Six Flags. That right was to have expired last week.

Six Flags sought court protection in June with a restructuring plan that was friendly to its lenders. Then in November it adopted a plan proposed by certain senior bondholders, who plan to take control of the company.

Those bondholders, led by hedge fund Avenue Capital Group, are now battling with a group of junior bondholders, led by hedge fund Stark Investments, that wants its own plan for the company's reorganization to be adopted.

Harner said the judge also put off until Feb. 23 a decision on a motion to order the creditor committee and the company into mediation. ahead of the confirmation hearing. with the goal of forcing the various groups to a settlement.
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Thu Feb 25, 2010 10:55 pm

http://www.reuters.com/article/idUSN2520674820100226

The holders of approximately $650 million of notes said on Thursday they are close to finalizing debt and equity financing for a deal that would give them ownership of the business.

The plan would pay in cash claims against Six Flags Amusement Park, said the bondholders, known as SFI noteholders.

These bondholders have opposed the plan proposed by senior bondholders, or SFO noteholders, and adopted by the company.

The SFI noteholders said the senior bondholders "refused to negotiate and are trying to acquire the company at a substantial discount in order to wrongfully cutoff the interests of the SFI notes."

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Tue Mar 02, 2010 12:08 am

http://www.dailyherald.com/story/?id=362620

Incumbent management of Six Flags Inc. evidently will lose their jobs if holding company noteholders succeed in taking over the theme-park operator by winning confirmation of their competing reorganization plan. Six Flags owns Great America in Gurnee.

In a statement last week, holding company noteholders owning $650 million in bonds said they are in the "final stages of finalizing" debt and equity financing for their plan. The noteholders explained how the bankruptcy judge said that having financing commitments behind a plan at a higher valuation would be a "key factor" in his decision about which plan to approve. The noteholders' statement said they have identified a "highly experienced, industry leading management team" to take over once their plan is approved and implemented. The holding company noteholders contend bondholders of the operating companies are trying to take over "at a substantial discount."

The holding company noteholders also said they voted against the company's plan. The contested confirmation hearing is scheduled to begin March 8. For a comparison of the company's plan and the alternative proposed by holding company noteholders, click here to see the Bloomberg daily bankruptcy report from Dec. 1.

The Six Flags Chapter 11 petition in June listed assets of $2.9 billion against debt totaling $3.4 billion, including a $850 million secured term loan and a $243 million revolving credit. New York-based Six Flags filed under Chapter 11 with 20 theme parks, including 18 in the U.S. The parks have 800 rides, including 120 roller coasters. The case is Premier International Holdings Inc., 09-12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby Jew » Tue Mar 02, 2010 12:26 am

I will die of laughter if this group hires that I am too stupid to spell Steel Vengeance so I'll just write SteVe and pretend I'm being cool Baker dude...

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby SFA Regular » Wed Mar 03, 2010 8:11 pm

I have mixed feelings about this. If we go through another corporate change then what will the new management do. Will they continue on with the current plan or will they switch back to the theme of thrill rides? I know one thing is for certain. These Noteholders are pushing harder than a cornered elephant, to get this company back. I wonder if they have big plans for the parks if they do manage to take control of the company. Or will they fix up the parks and then sell them to a bigger company?

It wouldn't surprise me if they spent a few years with the company and then try and strike a deal with Warner Bros for a buyout. Warner Bros just recently bought a majority stake in Rock Steady Games, which now strengthens their connection to the Batman Arkham Asylum franchise. If Warner Bros owned Six Flags parks, this could open up new ideas for possible indoor Arkham Asylum rides.

Never said it was going to happen. Just a thought I had in mind.

http://www.dailyherald.com/story/?id=362620

http://www.earthtimes.org/articles/show/warner-bros-home-entertainment-group-acquires-majority-stake-in-rocksteady-studios,1174604.shtml

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Fri Mar 05, 2010 8:08 pm

http://sanantonio.bizjournals.com/sanantonio/stories/2010/03/01/daily39.html

Six Flags Inc., owner and operator of San Antonio’s Six Flags Fiesta Texas and 18 additional theme parks, says attendance and revenue were both down in 2009 compared to the previous year. The New York-based entertainment company, which filed for Chapter 11 bankruptcy protection in June 2008, says those guests who did visit its theme parks spent less money on average in 2009 than they did the previous year.

Six Flags says its 2009 revenue totaled $912.9 million. That’s an 11 percent drop from the 2008 total of just over $1 billion. Company officials say that decrease is attributable to the fact that 1.5 million fewer people visited its theme parks in 2009 than in 2008 — a 6 percent drop.

Six Flags’ bottom line was also impacted by the fact that per capita guest spending — which excludes sponsorship, licensing and other fees — decreased 4 percent to $36.58 in 2009. Park admissions revenue per capita also decreased by 3 percent in 2009 compared to the previous year.

Six Flags says the attendance reduction was driven by a decline in group sales, as well as a reduced distribution of complimentary promotional tickets. Six Flags officials blame some of the attendance and revenue declines on the outbreak of H1N1, or swine flu, in Mexico and Texas last spring.

Overall, Six Flags incurred a loss from continuing operations of $205.9 million in 2009 compared to a $63.4 million loss in 2008.

In February 2010, in connection with the Chapter 11 bankruptcy filing, Six Flags decided to reject its lease with the Kentucky State Fair Board and it plans to cease operating a theme park in Louisville.
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