Posted Wednesday, April 28, 2010 1:23 PM | Contributed by Lord Gonchar
Six Flags Inc. resolved the final objections to its reorganization plan, clearing the way for the bankrupt theme-park owner to leave court protection by Monday, lawyers said. Under the settlement, senior noteholders owed about $420 million will receive $470 million in cash, Harner said. Those noteholders had filed court papers claiming they were owed interest on their debt because it was being paid off early. Executives will sign a four-year contract.
Read more from Bloomberg via The Star-Telegram.
Also see this letter from Mark Shapiro posted on Six Flags' Facebook page.
Good for them. I honestly feel that Six Flags is on the right path, even if they do charge $15 to park. ;)
And from what I've seen of the parks in the last year (I've been to SFA, SFGAdv, SFoG twice) is that they do look better, and are on the right path. Even SFA.
Dan Snyder loses as an investor, if I'm reading this right, but Mark Shapiro I think has a heck of an opportunity to build something amazing. That he was able to get the company to a positive cash flow, even if it was too late, I think deserves some credit.
Question for anyone who knows about stocks: what happens to the current stock sixfq and to the holders of it?
As best I can tell, it becomes worthless, or at the very least diluted enough that it might as well be worthless.
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