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Great Adventure OutpostIndustrySix Flags NewsSIX FLAGS BANKRUPTCY DEVELOPMENTS
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Author Topic: SIX FLAGS BANKRUPTCY DEVELOPMENTS  (Read 6073 times)
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GADVwow
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« on: December 11, 2009, 04:52:58 PM »
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NEW YORK, Dec 11 (Reuters) - A U.S. judge on Friday approved a disclosure statement on Six Flags Inc's (SIXFQ.OB) plan of reorganization, pushing the bankrupt company closer to being able to solicit votes from creditors on the plan....

The next step would be a confirmation hearing.  The judge today also heard debates about when it should be scheduled.

He:

Quote
...scheduled the confirmation hearing for two weeks in March. He emphasized that this was a hard deadline and scheduled several days of hearings for discovery and depositions before those confirmation hearings.

"It's going to be a hard schedule. People are going to have to comply with it," Sontchi said. "We've got to get this done."...

http://www.reuters.com/article/idUSN1126076720091211
« Last Edit: January 01, 2010, 07:52:07 AM by GADVwow » Logged
GADVwow
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« Reply #1 on: January 01, 2010, 07:50:12 AM »
Analysis: Six Flags Creditors See Value In Dick Clark Stake:

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When U.S. television legend Dick Clark rings in his 36th new year in Times Square on Thursday night, some creditors of the bankrupt Six Flags Inc might ask themselves: How much is he worth?

As creditors fight for control of the U.S. theme park company, Six Flags' 39 percent stake in dick clark productions has drawn increasing attention.

Six Flags acquired the stake in the producer of TV shows like "The American Music Awards," "The Golden Globes," and "Dick Clark's New Year's Rockin' Eve" in June 2007 for $39.7 million.

This is not the biggest asset held by Six Flags, which runs 20 theme parks in North America, but it is growing to be one of the most contentious. The company's unsecured creditors demand to know more about what the stake is now worth, while other creditors are fighting over which Six Flags unit owns it....


http://www.forexpros.com/news/general-news/analysis-six-flags-creditors-see-value-in-dick-clark-stake-110418
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rjholla2003
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Ehh, What's Up Doc!
« Reply #2 on: January 01, 2010, 03:37:02 PM »
Thanks for the update. I wonder what they will end up valuing that at, and just how it will affect the deal.
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GADVwow
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« Reply #3 on: January 01, 2010, 06:06:09 PM »
Since many will not look at the link, I think I'd do well to also list this quote from that same article:

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...All this comes amid a creditors' fight over the value of Six Flags as a whole and who will control it when it exits bankruptcy....
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GADVwow
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« Reply #4 on: January 07, 2010, 06:11:35 PM »
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Six Flags Inc., the New York-based theme-park owner of Great Adventure in Jackson and other amusement parks across the nation, has approached JPMorgan Chase & Co., Bank of America Corp., Barclays Capital and Deutsche Bank AG to arrange an $830 million senior secured credit facility to finance its exit from bankruptcy.

The loans will include a $150 million five-year revolving credit facility and a $680 million six-year term loan, the company said today in a regulatory filing. The reorganization plan also includes a $150 million financing commitment from Time Warner Inc., Six Flags said....

Confirmation of the proposed plan is expected in March with the company exiting bankruptcy shortly afterwards, Six Flags said in the filing. Chapter 11 of the U.S. bankruptcy code allows companies protection from creditors while they work out a plan of reorganization.

Yesterday, Moody’s Investors Service assigned the proposed credit facility a B1 rating, which is four levels below investment grade. Moody’s said that the management team at Six Flags has “made progress in making the parks more family- friendly and generating incremental revenue from licensing and sponsorships.”...


http://www.app.com/article/20100107/BUSINESS/100107106/1003/Six+Flags+names+possible+banks+for++830+million+loans
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nitrorox1414
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« Reply #5 on: January 07, 2010, 07:38:55 PM »
Meh. WEll atleast this isnt as bad as ceder fairs bankruptcy
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GADVwow
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« Reply #6 on: January 07, 2010, 08:06:20 PM »
Cedar Fair doesn't have a bankruptcy...yet.
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rjholla2003
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Ehh, What's Up Doc!
« Reply #7 on: January 07, 2010, 09:56:47 PM »
I wonder how the debt holders will like this plan. I have a feeling that someone will have an issue with Avenue owning a decent portion of the chain.
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GADVwow
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« Reply #8 on: January 09, 2010, 08:54:18 AM »
Judge Rules Six Flags Bondholder Group Does NOT Have to Reveal Holdings:

http://www.reuters.com/article/idUSN0826288720100108?type=marketsNews
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Blackhand1001
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« Reply #9 on: January 12, 2010, 11:22:06 PM »
I hope this all works out for the best. And its amazing how the view of Cedar Fair has changed in the last few years. You would have figured they would have learned from Six Flags Example.
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Uhhhhhhh, work, work, work!!!! Sad
GADVwow
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« Reply #10 on: January 13, 2010, 07:04:20 AM »
Mr. Kinzel is a firm believer in the model "Build a coaster, they will come.  Need more money, raise the prices.  Cut middle management, cut costs, build another coaster.  And pay yourself and the higher ups very, very well."

It's a long Gary type Story.
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rjholla2003
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Ehh, What's Up Doc!
« Reply #11 on: January 13, 2010, 06:20:50 PM »
Cheesy I see what you did there.
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GADVwow
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« Reply #12 on: February 18, 2010, 06:27:35 AM »
Six Flags Creditors Seek Mediation:

Quote

Feb. 18 (Bloomberg) -- The creditors’ committee for theme- park operator Six Flags Inc. filed a motion yesterday proposing that the bankruptcy judge order the warring factions into mediation before they embark on a contested two-week confirmation scheduled to begin March 8.

The committee, which wants its mediation motion discussed at a hearing tomorrow, isn’t proposing a delay in the confirmation hearing. The committee, which is opposed to the company’s reorganization plan, proposes having the mediation begin “on an expedited basis.”

The committee reported in its motion that noteholders at the holding company and noteholders at the operating company level reached impasse on Feb. 16 and “are not communicating directly with each other.”...
http://www.businessweek.com/news/2010-02-18/six-flags-general-growth-tlc-chemtura-crescent-bankruptcy.html
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GADVwow
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« Reply #13 on: February 19, 2010, 07:03:32 PM »
Six Flags Wins Right To Present Own Plan Until April 5, Ruling On Mediation Motion Delayed Until February 23:

http://www.reuters.com/article/idUSN1922747620100219
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GADVwow
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« Reply #14 on: February 25, 2010, 09:29:15 PM »
Six Flags Creditors Near Financing Alternative Deal:

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...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."...


http://www.reuters.com/article/idUSN2520674820100226
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GADVwow
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« Reply #15 on: March 01, 2010, 06:45:20 AM »
Six Flags Current Management May Be Ousted:

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...Six Flags Incumbent Management May Be on the Way Out

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....

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 contested confirmation hearing is scheduled to begin March 8....

http://www.businessweek.com/news/2010-03-01/general-growth-six-flags-visteon-magna-flying-j-bankruptcy.html
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WadeJ
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« Reply #16 on: March 01, 2010, 07:27:30 AM »
Sad  Isn't it obvious enough that the current team didn't backrupt them?  The company's money issues all revolve around debt and not how they are operating today. We may need to start a save Mark facebook instead of save Houdini because the thought of losing him and his team is rather concerning.

edit: typo fix
« Last Edit: March 01, 2010, 08:32:52 AM by WadeJ » Logged
GADVwow
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« Reply #17 on: March 01, 2010, 07:32:58 AM »
Facebook won't help.  A bankruptcy judge will decide the future of Six Flags, all based on what proposal will overall reap the most proceeds for the creditors...
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nitrorox1414
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« Reply #18 on: March 01, 2010, 06:17:47 PM »
If some other company does buy six flags, will all the coasters stay there?
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GADVwow
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« Reply #19 on: March 01, 2010, 07:04:02 PM »
Most probably...but the company is not for sale...who will run it and own it is the subject of the current litigation in bankruptcy court.
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GADVwow
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« Reply #20 on: March 05, 2010, 09:22:15 PM »
Junior Bondholders Secure Financing, Two Week Trial Starts Monday:

http://www.reuters.com/article/idUSN0510694220100305
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GADVwow
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« Reply #21 on: March 08, 2010, 02:48:25 PM »
Showdown Begins Today In Bankruptcy Court, Snyder will NOT testify:

http://www.reuters.com/article/idUSN0817013920100308
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GADVwow
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« Reply #22 on: March 08, 2010, 08:38:36 PM »
http://www.businessweek.com/ap/financialnews/D9EALQ100.htm
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GADVwow
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« Reply #23 on: March 09, 2010, 07:20:17 AM »
http://dealbook.blogs.nytimes.com/2010/03/09/six-flags-c-f-o-takes-stand-in-ch-11-battle/
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GADVwow
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« Reply #24 on: March 09, 2010, 11:45:06 AM »
https://www.fis.dowjones.com/WebBlogs.aspx?aid=DJFDBR0020100308e638000dx&ProductIDFromApplication=&r=wsjblog&s=djfdbr
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