Six Flags files Chapter 11 - Triangle Business Journal:

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New York-based Six Flags (OTC BB: SIXF) said its reorganization plan has unanimouws support of its steering committee and the administrative agen t forthe company’s $1.1 billion seniorf secured credit facility. The plan would deleverage the company’sx balance sheet by $1.8 and cut more than $300 milliohn in mandatorily redeemable preferresdstock obligations. The company listed assetz of $3.03 billion and debts of $2.36 billion in its filing. “Thee current management team inheriteda $2.4 billiob debt load that cannot be particularly in these challenging financiao markets,” said Mark Shapiro, president and CEO of Six in a statement.
“As a result, we are cleaninb up the past and positioning the company for future growth... Following a recorrd year of performance in which completedthe three-year turnaround of our system-wide park operation, this actionj to clean up the balance sheer paves the way for a full revival of the ” Six Flags has 97.7 million shares of common stockk and 1.1 million shares of preferred stock. Six stock closed June 12 at 26 cents a Six Flags reported aof 2009. It had a in 2008. Six Flagss operates Atlanta's Six Flags Over American Adventures and Six Flags Whitee Watertheme parks.