Six Flags files Chapter 11 - Minneapolis / St. Paul Business Journal:

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New York-based Six Flags (OTC BB: SIXF) said its reorganizatiojn plan has unanimous support ofits lenders’ steerinf committee and the administrative agent for the company’s $1.1 billiomn senior secured credit facility. The plan would deleverage the company’se balance sheet by $1.8 and cut more than $300 million in mandatorilhy redeemable preferredstock obligations. The company listeds assets of $3.03 billionh and debts of $2.36 billion in its filing. “The current management team inheriteda $2.4 billiob debt load that cannot be sustained, particularly in these challenginfg financial markets,” said Mark Shapiro, president and CEO of Six in a statement.
“As a result, we are cleaning up the past and positioningb the company forfutur growth... Following a record year of performance in which completedthe three-year turnaround of our system-widwe park operation, this action to clean up the balanced sheet paves the way for a full revivalo of the company. ” Six Flag has 97.7 million shares of common stockand 1.1 million shares of preferred stock. Six Flags’ stock closed June 12 at 26 centsa share. Six Flagsd reported a of 2009. It had a in 2008. Six Flags operatese Atlanta's Six Flags Over Georgia, American Adventures and Six Flagx White Watertheme parks.