Bids for Six Flags parks come in below expectations

Posted | Contributed by Jeff

Six Flags Inc., seeking to reduce its $2.2 billion of debt by selling theme parks, received bids for the properties that may fall short of investors' expectations, two people briefed on the matter said. Buyout firm MidOcean Partners and theme park operator Herschend Family Entertainment Corp. offered less than $650 million for the six locations, said the people, who declined to be identified because the process is private. Real estate investor CNL Financial Group offered at least $650 million, one of the people said. An analyst says they need $800 million to sufficiently lower debt ratios.