Six Flags Rides Out Of Ch. 11

Law360, New York (May 3, 2010, 4:44 PM EDT) -- Six Flags Entertainment Corp. has emerged from bankruptcy with a $1.7 billion reduction in debt.

The company’s reorganization plan became effective Friday in the U.S. Bankruptcy Court for the District of Delaware after the company reached a deal Wednesday with unsecured noteholders.

The noteholders, who held $420 million in Six Flags Operations Inc. notes, had argued that the plan should not be approved because it failed to provide pre- and post-petition interest on the money.

The deal reached with the SFO noteholders on Wednesday allows for...
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