larrygator wrote:WE ARE NO LONGER GOING TO SPECULATE ON WHAT HAPPENS IF CEDAR FAIR AND SIX FLAGS ARE CO-JOINED TOGETHER IN THIS THREAD! PLEASE REPEAT!
The company trying to buy Cedar Fair has an uphill batlle with their ambitions.
If the situation progresses to the stage where a Cedar Fair / Six Flags union is more feasible we can discuss when we know for certain whom the new owner will be. Until that time it is not worth discussing.
FOR THOSE THAT HAVE SHORT MEMORIES THIS STATEMENT STILL APPLIES.
The next offense will result in a 24 hour timeout!
nitrofan wrote:I thought that mindset too at first, but SFA very rarely gets crowds. Something is wrong there.
I can answer that for you. A lot of the people that came to the park were addicted to thrill rides which is something the park got every year. I still think that (Kieran Burke) had a plan set up for a lot of the smaller parks before he was removed as CEO. I believe we would have gotten a new coaster by either 2007 or 2008. But whatever plans he had, were canceled when the new corporate management came in. So when people found out that they were going to stop adding thrill rides, people stopped coming to Six Flags America. Kings Dominion kept improving and offering things that Six Flags did not offer. The (Twilight Sale) offers $31.00 for a single day admission if you come after 4 pm. Six Flags does not do this. Also, Six Flags requires you to put your stuff in fluffy, fluffy bunnies filled with medicine and goo, while Kings Dominion just puts it on the other side of the station for you. And last but not least, bigger people can fit on the rides at Kings Dominion, while at Six Flags, a lot of bigger people get turned down do to the tight restraint systems. I could go on forever about why people stopped coming to Six Flags America, but lets save that for the Six Flags America (Thread).
Cedar Fair could easily turn Six Flags America into a good park again. It's very close to Washington D.C. and Baltimore. They need to advertise more and provide shuttle buses for a lot of the people at the hotels in Washington DC, Bethesda, and National Harbor.
Anyonew remember the list of rides that SFA was supposed to get? Funny how Burke & CO. cheated our park out of these rides(and screwed up the company as a whole) by choosing to give rides to only SFMM,SFGRAM,SFGRADV & SFOT while the rest (like SFA)got next to nothing....if not nothing at all year after year.
After CF got burned on the whole SFWOA purchase in 04 they would certainly NEVER want to aqquire another park from SFI again,besides CF currently has their own debt to deal with as a result of the paramount parks purchase in 06.See that was SFI's problem under Burke's management....they aqquired too many parks (& built up too much debt in the process) and now they no longer have the funding needed to properly manage & invest in them all.
Six Flags has submitted a new plan in an attempt to please the bondholders.
Theme-park operator Six Flags Inc. filed an amended reorganization plan on April 2 carrying out the settlement announced in bankruptcy court on March 19. The settlement ended a contested confirmation hearing that began March 8.
Six Flags operates Great America in Gurnee.
Under the revised plan, holding company bondholders will buy the new equity for cash. The new plan is financed with $1.02 billion in new first- and second-lien loans, where the former plan had a $650 million first-lien loan. The rights offering now is $505.5 million, rather than $450 million under the original plan. The revolving credit, formerly $150 million, is now $120 million.
Unsecured creditors of the operating company, previously to participate in the rights offering and receive 22.9 percent of the new equity, now are to be paid in full with cash.
The holding company unsecured creditors, previously relegated to 7.3 percent of the new stock, now are to have 9.5 percent of the new stock and the ability to participate in the $505.5 million rights offering.
The holding company bondholders were opposing the old plan, saying bondholders of the operating company would take over "at a substantial discount" to the value of the business.
Combined with new loans, the cash infusion allows the new play to provide full payment with interest to holders of operating company unsecured creditors, $420 million owing to the operating company bondholders, and $1.1 billion owning to the senior secured lenders.
Existing preferred and common shareholders still receive nothing.
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).
KDCOASTERFAN, did you also know that SFI had plans to start renovating SFA shortly after the 2005 season. Remember, SFA was 1 of like 3 parks to get Hurricane Harbor. There may have been more so correct me if I'm wrong. SFA's water park had to be improved before they started adding more rides. When people saw the commercials for the new water park, people were thrilled with that. Sense 2001's Batwing installation, it would have been 4 years sense we got a coaster. The next step for SFI was adding more coasters to a lot of the parks that got Hurricane Harbor. So possible by 2007 or 2008, SFA would have had a new ride by now and possibly some flats, which the park lacks a lot of. All I know is if we still had Burke, he would have never gotten rid of Two-Face and Iron Eagle. The rides would have set there the longest before getting fixed, before they decided to get rid of them. Second Fright Fest was a whole lot better with the old SFI management. Possibly by now, every parks Fright Fest would be monumental. Instead they took a decline when they decided to make them more family friendly. I do have to say that a much more aggressive corporate management is needed to make the parks better again.
As of now we have Shapiro and Dan Snyder as owners, so we will see what happens in the future. Much has been promised for every park in 2011. Of course, if that if most of the parks do good. If some do bad, I can see them getting sold or shut down and rides removed. If SFA does bad this season, I hope another company buys us rather than shutting us down to remove rides. I do give much respect to Shapiro for ride renovations. Hoping my park can receive one soon.
larrygator wrote:I don't know what going on but someone is buying a lot of Six Flags stock and the shares have practically doubled from 16 cents to 28 cents over the past two days.
Maybe Apollo is aggresively buying the shares.
You see what I mean. Six Flags Inc is their back up plan. What they have in store for us when they get us, I don't know. If they buy us, I hope it's good. It's very questionable if they will keep the current management there or establish a new one.
Maybe a back-up plan. But it was not wise to think Apollo would want both Cedar Flags and Six Flags.
I still think Apollo would be the final nail in the coffin, they are in it the flip a company quickly and that will surely result in bulldozing SFA and moving those rides to sell that land to developers.
As usual, my analysis is free of charge! Original enough to not steal someone else's quote as a signature
Up .14 now. Here's the news from my stock ticker here at work:
Six Flags stock rallies after Cedar Fair deal fails
12:50 PM Eastern Daylight Time Apr 08, 2010 * Shares of Six Flags double in two days
* Cedar Fairs investor notes merger interest
By Tom Hals
WILMINGTON, Del., April 8 (Reuters) - Shares of bankrupt theme park operator Six Flags Inc <SIXFQ.OB> have doubled in two days after a collapsed deal involving a rival indicated that values in the industry are improving, an analyst said on Thursday.
Shares of Six Flags, which operates 19 parks, rose from around 15 cents on Tuesday to up to 39 cents on Thursday. Volume at midday on Thursday was already six times the average volume for the last 10 trading sessions.
The rally was ignited after Apollo Management failed earlier this week to secure investor support for its takeover of Cedar Fair LP <FUN.N>, which operates 11 parks.
In addition, a leading Cedar Fair investor, Q Funding III LP, said in a regulatory filing it had been approached by a group of Six Flags bondholders, known as the SFI Noteholders, about merging the two companies.
Q Funding said those conversations ceased when Six Flags switched its allegiance from a rival group of bondholders and adopted the proposed plan of reorganization crafted by the SFI Noteholders.
"The developments at Cedar Fair indicate that values throughout the industry are improving and bode well for the value at Six Flags," said Robert Goodman, a senior vice president CRT Capital Research in Stamford, Connecticut.
A higher value at Six Flags would also support the plan currently backed by the company, which is likely to be opposed by a group known as SFO Noteholders. The company supported an SFO plan as recently as early March and before switching sides Six Flags had criticized the SFI plan for putting too much debt on the company.
A higher valuation could also embolden more junior creditors, including Resilient Capital Management, which would be wiped out under the current proposed plan. The investment fund has asked the court to replace the company's management.
Six Flags did not immediately return a call for comment.
The case is In re: Premier International Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-12019.
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