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Latest Updates => Park News => Topic started by: rjholla2003 on December 07, 2009, 06:46:16 PM

Title: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: rjholla2003 on December 07, 2009, 06:46:16 PM

The two biggest parts of this story to me are the 60 day extension of exclusivity that Six Flags has to submit a restructuring plan, and this passage here:

Quote

In the hearing last week, Six Flags Chief Financial Officer Jeff Speed testified that the company may not have enough cash to keep operating should the company remain in bankruptcy into May.

You can read the full story at the link below.
http://www.bloomberg.com/apps/news?pid=20601103&sid=apjSQLRtZvbM (http://www.bloomberg.com/apps/news?pid=20601103&sid=apjSQLRtZvbM)

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: nitrorox1414 on December 07, 2009, 07:43:35 PM

Does that mean the park wil not open until May?

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: GADVwow on December 07, 2009, 07:47:32 PM

No. There should be no effect on company operations, provided the restructuring moves forward.  If it does not, it could get, shall we say, interesting.  It is more probable that reorganization will proceed, but the company must finalize its plan and get approval from the creditors and the bankruptcy judge.

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: peterpjr on December 08, 2009, 08:48:59 AM

Having been through two chapter 11's at my full time job, I can tell you that rhetoric like this is fairly common in any bankruptcy proceedings.

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: GADVwow on December 09, 2009, 07:40:51 AM

Six Flags' Proposed Plan Rejected, Among Other Things, Breakup Fees Way too High:

http://www.bloomberg.com/apps/news?pid=20601103&sid=awueMqkreYX4 (http://www.bloomberg.com/apps/news?pid=20601103&sid=awueMqkreYX4)

Company is reworking plan.  Next hearing December 11.

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: WadeJ on December 09, 2009, 09:26:25 AM

I'm actually glad this happened.  The company sincerely has been making great strides to get things back on track and properly balanced.  So far everything I've seen seems to indicate that the last two years of insanely hard work to right the ship would have been a waste of time and effort.  Although I guess any plan will make it seem that way lol.

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: nitrorox1414 on December 09, 2009, 06:58:27 PM

Will SFGA be owned by Six Flags next year?

Title: Re: Six Flags Noteholders Lose Bid to Reorganize Company
Post by: GADVwow on December 09, 2009, 07:09:59 PM

We will know more about that Friday or thereafter than we do right now.  That is all dependent on how the company is reorganized, or even if it is.  Currently, the company has the exclusive right to propose a reorganization plan, which must be approve by the parties and the judge.