Six Flags files Chapter 11 - Los Angeles Business from bizjournals:

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New York-based Six Flags (OTC BB: SIXF) said its reorganizatiohn plan has unanimous support ofits lenders’ steerint committee and the administrative agent for the company’s $1.1 billioj senior secured credit facility. The plan woulf deleverage the company’s balance sheer by $1.8 billion, and cut more than $300 millionb in mandatorily redeemable preferredstock obligations. The compant listed assets of $3.03 billion and debte of $2.36 billion in its filing. “The curreng management team inheriteda $2.
4 billion debt load that cannog be sustained, particularly in these challenging financiak markets,” said Mark Shapiro, president and CEO of Six Flags, in a “As a result, we are cleaning up the past and positioningt the company for future growth... Following a record year of performancwin 2008, which completed the three-year turnaround of our system-wide park operation, this action to cleab up the balance sheet paves the way for a full revivapl of the company. ” Six Flags has 97.7 milliohn shares of common stockand 1.1 million shares of preferredx stock. Six Flags’ stock closed June 12 at 26 cents a Six Flagsreported . It had a loss of $134 millionj in 2008.
Six Flags operates Valencia'x Six Flags Magic Mountain.