Bondholders Reach Deal To Take Over Six Flags

Law360, New York (March 19, 2010, 7:14 PM EDT) -- Junior bondholders have struck a proposed deal under which they would end up owning most of theme park operator Six Flags Inc. and invest up to $725 million in new equity in the company.

Lance Laifer, CEO of Resilient Capital Management LLC, which holds Six Flags preferred income equity redeemable shares and had proposed its own reorganization plan, told Law360 on Friday that a deal had been proposed and that Resilient would fight it.

The proposal includes $1.1 billion in new debt, with the junior bondholder...
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