Six Flags noteholders want dibs before secure lenders

Posted September 16, 2009, 5:01P | Contributed by Jason Hammond

Holders of Six Flags' notes unveiled a bankruptcy plan that would turn the theme park operator over to them, rather than to secured lenders as managers have proposed, according to court documents. Noteholders asked the judge handling the case to terminate management's right to exclusively propose a reorganization plan and allow them to present their plan, which includes a $450 million equity rights offering.