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Six Flags Emerges from Chapter 11

NEW YORK CITY-Now known as Six Flags Entertainment, the amusement park operator has lightened its debt load by $1.7 billion.

By Paul Bubny | Updated on May 03, 2010

NEW YORK CITY-Amusement park operator Six Flags Entertainment Corp., headquartered here, said Monday that it has completed its balance sheet restructuring and emerged from Chapter 11. The restructuring reduced the company’s debt by approximately $1.7 billion.

Driving the restructuring was $725 million in equity committed by a group of new shareholders led by Stark Investments. The St. Francis, WI-based hedge fund manager first made a bid for what was then known as Six Flags Inc. this past November, five months after the theme park giant filed for bankruptcy.

In March, the Stark-led group announced a plan to lift Six Flags out of bankruptcy that would retain the company’s current management, Reuters reported. The Wall Street Journal reported last Thursday that a deal was struck among the Stark-led group and a group led by Avenue Capital that gave the Avenue-led group $470 million in cash, including $50 million to drop a challenge to the bankruptcy plan.

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