Great Adventure Outpost
Great Adventure Boards => Great Adventure Chit Chat => Topic started by: GADVwow on November 09, 2009, 10:19:34 AM
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Gives bondholders more while still keeping current "senior management":
...The new plan does not propose changing Six Flags senior management, which is headed by Mark Shapiro, a former ESPN executive.
The Avenue Capital bondholders had accused the management of using an initial plan that "enriches themselves at the expense of virtually every other creditor" in earlier court documents.
The new plan leaves in place some of the bonuses that Avenue Capital had earlier opposed, including more than $5 million for top executives if the company emerges from Chapter 11.
Bondholders are the biggest winners of the changes....
...While the company said the plan had broad support, it may face objections....
The company has also attracted the attention of former managers, who in August offered to run the company for a $1 salary and said they could increase its value.
The case is In re Premier International Holdings Inc. and Six Flags Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-12019.
http://www.reuters.com/article/innovationNews/idUSTRE5A80WD20091109 (http://www.reuters.com/article/innovationNews/idUSTRE5A80WD20091109)
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More on this:
http://dealbreaker.com/2009/11/more-flags-no-fun.php (http://dealbreaker.com/2009/11/more-flags-no-fun.php)
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Whats your take on this wow? This is quite a drastic change from the original proposal and I personally like this new arrangement. I'm glad to see Mark still on board to :).
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The opera is not over until the somewhat overweight lady sings.
Put another way, there is still substantial opposition to this plan, which may or may not succeed.
Expect resolution soon.
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Just now being made public, SIX used this comparison of itself to FUN to defend its plan:
http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NjU5MDg0NSZhdHRhY2g9T04mc1hCUkw9MQ%3d%3d (http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NjU5MDg0NSZhdHRhY2g9T04mc1hCUkw9MQ%3d%3d)
Some VERY interesting stuff here.
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That is definitely a very interesting comparison between them and Cedar Fair. More reason to be a bit concerned about CF in the future after gobbling up Paramount.
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Hey Wow how do you get these articles do you work with six?
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Let's just say I have extensive sources. People on Cedar Fair boards want to know if I work for Cedar Fair.
I also have often seen my sources cited within minutes other places, such as Screamscape. Funny how that happens.
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Not any of my bisnous but do you work with stock brokers?
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I work with lots of people, from engineers to planners to media types to lawyers to geologists and hydrologists.
Probably had best leave it at that!
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More on this:
http://www.finalternatives.com/node/9619 (http://www.finalternatives.com/node/9619)
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Six Flags Bondholders Submit Alternative Plan...Reorganization's Next Move Not Yet Clear:
... The noteholders who proposed the plan will receive up to 81 percent of the reorganized company's stock. That compares with the company's current plan that proposes giving them less than 5 percent of the stock.
The noteholders proposed using a rights offering of $420 million to pay senior lenders and a senior class of noteholders.
The proposal is the third alternative plan from investors in Six Flags, the world's largest operator of regional theme parks....
The case is In re Premier International Holdings Inc. and Six Flags Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-12019.
http://www.reuters.com/article/BROKER/idUSN2940418820091129 (http://www.reuters.com/article/BROKER/idUSN2940418820091129)
...The latest restructuring idea comes from a group of bondholders led by Stark, of Milwaukee. The Stark-led bondholders say they can raise the money to pay off the Avenue bondholders, appease the banks, and set themselves up to own Six Flags.
The Stark group also includes CQS Directional Opportunities Master Fund of the Cayman Islands, and Tricadia Capital Management and 1798 Global Partners, both of New York, court documents say.
Six Flags is due in court Friday for a preliminary hearing on the Chapter 11 exit plan it agreed to with the Avenue-led bondholder contingent. The hearing is supposed to set the stage for creditor voting and confirmation, which would allow the company to emerge from bankruptcy protection.
A spokesman for Avenue couldn't be reached Sunday for comment on the rival proposal. The Stark proposal could upset Avenue's hopes of a clear path to the exit from Chapter 11 for Six Flags, a company that saw its fortunes suffer as consumers cut back entertainment spending....
http://online.wsj.com/article/BT-CO-20091129-704400.html (http://online.wsj.com/article/BT-CO-20091129-704400.html)
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So, is Stark coming in for the steal!
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Much more on this:
http://amlawdaily.typepad.com/amlawdaily/2009/11/two-bondholder-groups-vie-for-six-flags-control.html (http://amlawdaily.typepad.com/amlawdaily/2009/11/two-bondholder-groups-vie-for-six-flags-control.html)
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This all feels very complicated. Almost like this group is making more complicated than necessary to be honest.
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Preview: Fight Over What Six Flags Is Worth Could Get Ugly:
(very detailed analysis, deserves reading by interested parties)
http://www.reuters.com/article/idUSN0349349920091204 (http://www.reuters.com/article/idUSN0349349920091204)
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dropped by 1 billion in a year... ouch.
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http://wcbstv.com/topstories/six.flags.reorganization.2.1350303.html (http://wcbstv.com/topstories/six.flags.reorganization.2.1350303.html)
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The detail of the company's proposed plan (not approved by the court as of now, and must be voted on by interested parties thereafter if it is):
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTk5OTJ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1 (http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTk5OTJ8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1)
This large file takes some time to download.