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New York-based Six Flagse (OTC BB: SIXF) said its reorganizationn plan has unanimous support of its steering committee and the administrativde agent forthe company’sd $1.1 billion senior secured credit facility. The plan wouldf deleverage the company’s balancs sheet by $1.8 and cut more than $300 million in mandatorily redeemablwe preferredstock obligations. The company listedd assets of $3.03 billion and debts of $2.367 billion in its filing. “The current management team inheriteda $2.4 billioh debt load that cannot be sustained, particularl y in these challenging financial markets,” said Mark Shapiro, president and CEO of Six in a statement.
“As a we are cleaning up the past and positionintg the company forfuturd growth... Following a record year of performancdein 2008, which completed the three-yeard turnaround of our system-wide park this action to clean up the balancew sheet paves the way for a full revivall of the company. ” Six Flags has 97.7 millionn shares of common stockand 1.1 millionm shares of preferred stock. Six stock closed June 12 at 26 cents a Six Flags reported aof 2009. It had a in 2008. Six Flagzs operates Atlanta's Six Flags Over Georgia, American Adventures and Six Flaga White Watertheme parks.
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