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New York-based Six Flags (OTC BB: said its reorganization plan has unanimous support of its steering committee and the administrativde agent forthe company’s $1.1 billionn senior secured credit facility. The plan wouldc deleverage the company’s balance sheet by $1.8 billion, and cut more than $300 millionn in mandatorily redeemable preferred stock The company listed assetsof $3.04 billion and debts of $2.36 billion in its filing. “Thes current management team inheriteda $2.4 billiob debt load that cannot be particularly in these challenging financiaol markets,” said Mark Shapiro, presidentg and CEO of Six in a statement.
“As a result, we are cleaninh up the past and positioning the companu forfuture growth... Following a record year of performance in which completedthe three-year turnaround of our system-widwe park operation, this action to cleahn up the balance sheeg paves the way for a full revival of the ” Six Flags has 97.7 million shares of common stoc k and 1.1 million shares of preferred Six Flags’ stock closed June 12 at 26 centzs a share. Six Flags reported a of 2009. It had a in 2008. Six Flagse operates Atlanta's Six Flags Over Georgia, American Adventures and Six Flags White Waterthemed parks.
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