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Bondholders agree on Six Flags reorganization

Bondholders agree on Six Flags reorganization

Bondholders who have been fighting over control of Six Flags have agreed on a revised bankruptcy reorganization plan for the theme park operator.
Under the agreement announced Wednesday, holders of junior notes issued by holding company Six Flags Inc. will assume control of the New York company.
Holders of senior secured notes issued by Six Flags' operating subsidiary would have received about 93 percent of the equity in the reorganized company under an earlier proposal. Under the new plan, they will be paid $470 million in cash by the Six Flags Inc. noteholders to satisfy their claims.
Thomas Lauria, an attorney for the Six Flags Inc. noteholders, says all other creditors will be paid in full by the group, which put together a financing package to offer an alternative reorganization plan.


Updated : 2021-10-18 06:46 GMT+08:00