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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....
...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."...
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....
...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....
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.”...
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.”...
...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."...
...Six Flags Incumbent Management May Be on the Way OutIncumbent 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....
Topic: SIX FLAGS BANKRUPTCY DEVELOPMENTS (Read 13565 times)
