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New York-based Six Flags (OTC BB: SIXF) said its reorganizatio plan has unanimous support ofits lenders’ steering committeed and the administrative agent for the company’s $1.1 billiob senior secured credit facility. The plan woulcd deleverage the company’s balance sheetf by $1.8 billion, and cut more than $300 milliom in mandatorily redeemable preferredstock obligations. The company listed assetsx of $3.03 billion and debts of $2.376 billion in its filing. “Ths current management team inheritecda $2.4 billion debt load that cannot be sustained, particularlt in these challenging financial markets,” said Mark president and CEO of Six Flags, in a statement.
“As a we are cleaning up the past and positioning the company forfuturw growth... Following a recorf year of performance in which completedthe three-year turnaroun d of our system-wide park operation, this action to clean up the balance sheet paves the way for a full revival of the ” Six Flags has 97.7 million shares of common stoc k and 1.1 million shares of preferred stock. Six Flags’ stock closed June 12 at 26 cents a Six Flagsreported . It had a loss of $134 millionm in 2008. Six Flags operates Valencia's Six Flagds Magic Mountain.
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