Six Flags' Chapter 11 Bankruptcy
Thrill seekers and adrenaline junkies in San Jose probably already know that Six Flags inc. filed for Chapter 11 bankruptcy in June of 2009, as do most San Jose bankruptcy attorneys. Six Flags’ petition listed assets of $3 billion and debt of $2.4 billion as of Dec. 31. While the petition was filed more than six months ago, the corporation has had difficulty getting its plan approved by voters.
Recently, however, a Delaware Judge granted Six Flags an extension until April 5th to have its plan approved. Still, if the plan remains unapproved certain creditors could submit an alternative plan.
According to the associated press Under Six Flags' post bankruptcy plan, holders of senior secured notes issued by Six Flags Operations Inc., a subsidiary, would receive about 93 percent of the equity in the reorganized company. Holders of junior notes issued by Six Flags Inc. would receive only about 5 percent of new equity under the company's plan. They claim to have lined up $1.8 billion in financing for an alternative plan that would increase the recovery for creditors.
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