Bondholders Denied Bid To Take Over Six Flags Ch. 11

Law360, New York (December 7, 2009, 8:15 PM EST) -- A bankruptcy judge on Monday shut down an attempt by a group of senior bondholders to wrest control of Six Flags Inc.'s Chapter 11 proceedings away from the amusement park operator and file a competing reorganization plan.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware rejected the attempt to strip the debtors of their exclusivity time window.

The bondholders' motion, filed Nov. 30, contemplated an alternative reorganization plan that would have given them control over the company.

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