Six Flags Corporate Discussion Thread

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Postby Bolliger&Mabillard » Fri Jan 08, 2010 6:24 pm

Six Flags said in the filing that it expects its 2009 revenue to be down 10.9 percent from the previous year at $111.1 million.

Six Flags filed for bankruptcy last June as fewer people attended its amusement parks, leaving it struggling with heavy debt.

U.S. theme park operator Six Flags Inc (SIXFQ.OB) could emerge from bankruptcy as soon as March under an $830 million financing deal it is arranging with lenders, the company said in a regulatory filing on Thursday.


So let me get this straight...the 300 million they couldn't pay their PIERS that bankrupted them in the first place can be resolved by refinancing for 500 million more, despite a gradual declince in attendance and revenue. I'm no genius or super analyst, but someone who gets this please help me out. I don't understand this.
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Postby Coasterfusion » Sat Jan 09, 2010 10:01 am

Maybe the $500 million will pay off the $300 million and they will really only owe $200 million :?r
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Postby jedimaster1227 » Wed Jan 13, 2010 10:37 pm

Screamscape has summed up what seems t be another interesting (yet lengthy) chapter in the Six Flags story. PARC Management, the company that bought several of the former Six Flags parks seems to have missed its payment window, neglected to pay the late fees and has completely ignored its required annual payment. Six Flags has now filed a claim that, if approved, could return control of those properties back to Six Flags.

http://www.screamscape.com/html/industr ... m#SixFlags

It’s kind of a long read and I gave up myself part-way through, but Six Flags has filed a claim against PARC Management for unpaid funds related to the sale of several former Six Flags properties. So far it looks like there are disagreements over PARC refusing to pay certain penalty fees owed to Six Flags from a previous late payment as well as a non-payment of a $1.7 million annual payment due at the start of the year. In short… unless PARC pays up, Six Flags is seeking to take back control of the former properties sold to PARC Management including Darien Lake, Elitch Gardens, Frontier City and more. Anyone with a legal background want to skim through it and give us an easy to understand breakdown?


The entire claim can be found online here: http://www.kccllc.net/documents/8812019 ... 000008.pdf
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Postby ragerunner » Thu Jan 14, 2010 12:39 pm

jedimaster1227 wrote:Screamscape has summed up what seems t be another interesting (yet lengthy) chapter in the Six Flags story. PARC Management, the company that bought several of the former Six Flags parks seems to have missed its payment window, neglected to pay the late fees and has completely ignored its required annual payment. Six Flags has now filed a claim that, if approved, could return control of those properties back to Six Flags.

http://www.screamscape.com/html/industr ... m#SixFlags

It’s kind of a long read and I gave up myself part-way through, but Six Flags has filed a claim against PARC Management for unpaid funds related to the sale of several former Six Flags properties. So far it looks like there are disagreements over PARC refusing to pay certain penalty fees owed to Six Flags from a previous late payment as well as a non-payment of a $1.7 million annual payment due at the start of the year. In short… unless PARC pays up, Six Flags is seeking to take back control of the former properties sold to PARC Management including Darien Lake, Elitch Gardens, Frontier City and more. Anyone with a legal background want to skim through it and give us an easy to understand breakdown?


The entire claim can be found online here: http://www.kccllc.net/documents/8812019 ... 000008.pdf


This could be interesting. It no secret that PARC is having financial problems and is not investing in the parks much. If Six Flags can get it financials in order and invest in their parks more in the future, it could be a postive for Elitch, Darien and others. I also like Six Flags new approach to more themed rides and family attractions.

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Postby themeparkman25 » Thu Jan 14, 2010 1:20 pm

So, I am confused. PARC is simply a management company, they do not own the parks, at least to my knowledge. The owner is CNL Lifestyle. So who is making the payments to SF to pay off the parks, Parc of CNL?

With that in mind, (^) I don't think Parc has the full decision in making investments as they are simply a management group. The money is coming from CNL I believe.
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Postby odene497 » Thu Jan 14, 2010 1:26 pm

OoOoOoOoh. This could be cool. I've sorta missed all the Looney Toons crap at Darien Lake, the park is pretty bland. As long as the park can get some proper care with the occasional upgrade, I'm happy. And, if they hurry up and do this, then I'll already be covered with my 2010 Six Flags pass. :P

Thanks for the info!

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Postby Homer » Thu Jan 14, 2010 1:51 pm

I visited Elitch's back in 2008 when it was under PARC ownership and in 2006 under Six Flags ownership. Let me say, I prefer Six Flags's ownership.

Notably, their "new for 2008" ride Ghost Blasters was still under construction in August (it opened in October, which is fitting). But the fact they had an ad campaign out for the ride being open and the ride missing most of the 2008 season raised some signs that cash isn't flowing in PARC.

The employees under PARC's management, I know a few employees of EG post here. But for the most part, most of the employees seemed unenthusiastic under PARC's ownership. Either Six Flags (back in 2006 when they started to turn around) had some good morale boost or PARC was cutting back even more.

While getting back "excess parks" is a curveball in Six Flags's plan of getting out of debt. I feel that Darien Lake, Elitch Gardens, and Magic Springs would benefit greatly from being under Six Flags control.

But only time will tell what will happen right now.
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Postby DBru » Thu Jan 14, 2010 10:28 pm

Is Magic Springs a park that was formally owned by Six Flags?

I've heard it was an absolutely terrible year for this park with so much potential. Did the two major coasters end up operating at all in 2009?

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Postby themeparkman25 » Thu Jan 14, 2010 10:43 pm

^Yes it was. The sale to Parc consisted of Elitch Gardens (which, ^^, I work at), Darien Lake, Magic Springs, Frontier City, Wild Waves and...there is another, but I can't remember it. Maybe they count Wild Waves as one, and Enchanted Village as another.
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Postby monsterfan99 » Thu Jan 14, 2010 11:44 pm

themeparkman25 wrote:So, I am confused. PARC is simply a management company, they do not own the parks, at least to my knowledge. The owner is CNL Lifestyle. So who is making the payments to SF to pay off the parks, Parc of CNL?

With that in mind, (^) I don't think Parc has the full decision in making investments as they are simply a management group. The money is coming from CNL I believe.

CNL owns the land as a landlord and each park is it's own PARC LLC company. PARC is the one that owes here according to the note.

The ScreamScape figures are a little off as what is owed is part of the Deferred Amount and not the annual payment. It is actually over $2 million plus interest SF is looking for.

Also, the only way SF gets the parks back is if the judge rules it in third cause of action in the claim or PARC defaults. The other claims (1,2,4) all just want money and interest.

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