Posted Tuesday, March 9, 2010 10:15 PM | Contributed by Jeff
Six Flags Inc put its chief financial officer on the stand to defend its reorganization plan against attacks by some bondholders, with ownership of the theme park operator at stake. Jeffrey Speed spent most of Monday describing the events leading to the company's bankruptcy and the operating cash flow needs, as the company sought to make the case that their plan was the most feasible.
Read more from Reuters via The New York Times.
Today, Cedar Fair released its EBITDA for the 12 months ending 12/31/2009 at $302,963,000. CF presentation materials that it filed for tomorrow's meeting calculated EBITDA multiple at 7.6x for the Apollo deal at $11.50/unit. Based on increase of most recent EBITDA, price per unit using same multiple would increase by about $0.60. Pushing the unit price to $13.50/unit yields about 7.84x multiple. Presentation materials put the multiples for Busch and Six Flags deals at 6.3x and 7.2x respectively. SF calculation appears to be based on the senior bond holder plan.
^^ You tell him Carrie! When I read your first post I got it. Thought it was a good point. What's your problem Gobucks89? Let it go!
Thanks! I really appreciate the support. Fortunately, it seems he did let it go.
"If passion drives you, let reason hold the reins." --- Benjamin Franklin
Yeah I realized that after I posted. :) Don't understand why people have to make a big deal out of a statement that was just an observation of what's been going on with six flags and cedar fair. Maybe he took his meds after. ;)
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