Trial begins on Six Flags bankruptcy reorganization plan

Posted | Contributed by Jeff

Six Flags Inc. on Monday began defending its proposed Chapter 11 reorganization plan, which would give holders of senior secured notes issued by its operating subsidiary more than 90 percent of the equity in the new company. Holders of junior notes issued by Six Flags Inc. would receive only about 5 percent of new equity under the plan and have proposed an alternative that provides full cash recovery to other creditors and leaves themselves in control of Six Flags.