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Key Debt Holder Pushes Six Flags Closer To Ch. 11

Law360 (March 16, 2009, 12:00 AM EDT) -- One of Six Flags' principal debt holders is delaying progress on a restructuring plan to keep the theme park operator afloat by refusing to negotiate with the company, increasing the likelihood that it will seek Chapter 11 protection by August, the president and CEO said Monday.

In his quarterly conference call to investors, Six Flags president and CEO Mark Shapiro said that a portfolio manager “who holds a significant amount of our senior notes due in 2010” has declined to meet with him in person, stalling...
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