Industry > Six Flags News
SIX FLAGS BANKRUPTCY DEVELOPMENTS
GADVwow:
--- Quote ---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....
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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."...
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http://www.reuters.com/article/idUSN1126076720091211
GADVwow:
Analysis: Six Flags Creditors See Value In Dick Clark Stake:
--- Quote --- 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....
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http://www.forexpros.com/news/general-news/analysis-six-flags-creditors-see-value-in-dick-clark-stake-110418
rjholla2003:
Thanks for the update. I wonder what they will end up valuing that at, and just how it will affect the deal.
GADVwow:
Since many will not look at the link, I think I'd do well to also list this quote from that same article:
--- Quote ---...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:
--- Quote ---
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.”...
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http://www.app.com/article/20100107/BUSINESS/100107106/1003/Six+Flags+names+possible+banks+for++830+million+loans
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