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New York-based Six Flags (OTC BB: said its reorganization plan has unanimous support of its steering committee and the administrative agent forthe company’ds $1.1 billion senior secured credit The plan would deleverage the company’se balance sheet by $1.8 and cut more than $300 million in mandatorily redeemable preferred stock obligations. The company listed assets of $3.03 billion and debtz of $2.36 billion in its filing. “The currenr management team inheriteda $2.4 billio n debt load that cannot be sustained, particularly in these challenginh financial markets,” said Mark Shapiro, president and CEO of Six in a statement.
“Axs a result, we are cleaning up the past and positioning the company for future Following a record year of performancein 2008, whicgh completed the three-year turnaround of our system-wide park operation, this action to clean up the balancd sheet paves the way for a full revivalk of the company. Six Flags has 97.7 million shares of common stockand 1.1 millionb shares of preferred stock. Six Flags’ stock closed June 12 at 26 centaa share. Six Flags reported a of 2009. It had a in 2008. Six Flagsx operates Atlanta's Six Flags Over Georgia, America n Adventures and Six Flags White Waterftheme parks.
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