Shapiro says Six Flags well positioned for economy, pushing debt for equity swap

Posted | Contributed by Jeff

In an internal memo issued Friday, Shapiro said if the company was able to reach an accord with its bondholders, it would cut its debt and preferred equity obligations by about $1.2 billion and its annual interest and dividend requirements by $90 million. The clock is ticking though. Shapiro has set a June 25 deadline, and if he doesn't get it done Six Flags may have to hoist the white flag and file for bankruptcy protection.