Six Flags Corporate Discussion Thread

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby jedimaster1227 » Mon May 03, 2010 10:20 am

http://abcnews.go.com/Business/wireStory?id=10538953

Theme park operator Six Flags Inc emerged from Chapter 11 bankruptcy on Monday after wiping out more than a billion dollars in debt by turning the company's ownership over to bondholders.

The company, which operates 19 amusement parks in North America, enters its high season without the constraints of bankruptcy and with less than half the debt it had a year ago.

The company now has more financial flexibility to pursue a shift in strategy toward attracting more families to its amusement parks, an approach spearheaded by Mark Shapiro when he took over the top executive job in 2006.

The company exits bankruptcy under the control of hedge funds such as Stark Investments, Pentwater Capital Management and Bay Harbour Management. The funds owned its bonds and invested $725 million to recapitalize the company.

That money, along with about $1.27 in new debt, was used to pay off creditors and finance the company as its main summer season nears. Six Flags entered bankruptcy with $2.7 billion in debt and obligations from redeemable securities.

The company's pre-bankruptcy shares were wiped out under the reorganization.

Six Flags said it will apply to list its new shares on the New York Stock Exchange.

The bankruptcy case is In re: Premier International Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-12019.
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby 1pizza14 » Mon May 03, 2010 2:48 pm

Thats great news. Hopefully they will lower a few of the prices at the park.... NOT.

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby PriestofSyrinx » Mon May 03, 2010 2:50 pm

Corporate Six Flags goes up as ...

Six Flags over Georgia goes under! (water, again) :lol:

I am happy that Six Flags now has less restrictive capital to use, maybe now we can see some of these re-themeing ideas hit all of the parks!

Oh and ...

NO MORE DAN SNYDER!!!!!!!!!! :b :br :b :br :b :br :devil: :devil:

That alone is worth a toast to Shapiro and the bondholders!

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby Montuman99 » Mon May 03, 2010 3:13 pm

This is GREAT! It means, possibly, there will be more rides to come out in years to come! Hopefully more at SFNE, it's getting boring.
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby the ghost » Mon May 03, 2010 3:32 pm

Awesome. This is great news! Shapiro is awesome, Terminator is a great addition, the Bizarro's look nice enough, and I am sure the GP are eating the effects up. General park improvements everywhere, friendly employees and very clean parks. Awesome! Simply Awesome!

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby cooksta77 » Mon May 03, 2010 3:55 pm

jedimaster1227 wrote:The company exits bankruptcy under the control of hedge funds such as Stark Investments
Tony Stark is going to run Six Flags now? :lol: I call a B&M Flyer themed to Iron Man soon. haha
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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby Jay20016 » Mon May 03, 2010 4:00 pm

Glad to see them pull through, more competition in the industry is better for the GP.

Though, did anyone else have to do a bit of a double-take for what hedgefunds were in charge? "Stark Investments" totally came out (to me) as Enterprises and I was like.... :|

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby coasterking2981 » Mon May 03, 2010 4:05 pm

cooksta77 wrote:
jedimaster1227 wrote:The company exits bankruptcy under the control of hedge funds such as Stark Investments
Tony Stark is going to run Six Flags now? :lol: I call a B&M Flyer themed to Iron Man soon. haha



Damn. Beat me to it lol.

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby Fat-G » Mon May 03, 2010 4:58 pm

Good, this means they may not have to backstab smaller parks in the back "cough SFKK cough".

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Re: Six Flags Bankruptcy & Restructuring Discussion

Postby montezooma » Mon May 03, 2010 5:01 pm

Good news for the parks, but BAD news for us stock holders whose stock is worth next to nothing now!
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