Dl Date Symbol Company Name Effective Date/Comments
5/3/2010 SIXOQ Six Flags, Inc. Preferred Stock 5/3/2010 Plan of bankruptcy effective. All shares have been cancelled. **
I'm not happy with the outcome, but I understand the court's decision against Resilient because of their very late filing.
I'm more easily found in this board: http://investorshub.advfn.com/boards/board.aspx?board_id=17555
Ya, nothing is written on a stone but there is too much risk here (more than rewards) GL2A
todays news did not made any specific comments about this, but does not look good.
Where did you hear this?
Nice post sir! im in at .076
I've written up an analysis of this case and what I believe the valuation is here: http://www.selectedfinancials.com/2010/04/six-flags-is-worth-2946-billion.html
Feedback on this is appreciated - a copy should appear in the court's dockets Thursday or Friday.
Please disregard my last PM to you regarding sixflags. It appears the market condition has changed since the time I traded them.
Still holding here. I hope to see $$$ soon.
Reorganization plan to restructure over $2.7B of debt.
The Plan is based on fully-commited financing on favorable terms from major financial institutions.
The Plan includes the issuance of additional equity pursuant to a rights offering supported by a fully committed backstop at a level to provide sufficient post-reorganization liquidity to drive future growth.
The Plan provides committed additional future financing from Time Warner that help mitigate the substantial uncertainties posed by 'put" obligations related to the Partnership Parks
can u open the list of the forth reorganization plan on the right in green? my comp have problems
or do u have any idea whats the deal with sixflags
Have no idea Vegas, I'm just watching and holding for now. Maybe
Have a great Holiday.
NITE MM has a real appetite for these shares right now.
Was NITE short for the last few months?
Any short data available for these?
Or does NITE have a LONGSIDE basis for the unrelenting desire for shares?
Where did the monster buyers come from? I got less than 20K shares when I first posted.
But I'm very happy with the BUST'A MOVE ROCKET!
Cheers and Hope everyone has a very HAPPY and MERRY HOLIDAY SEASON!!!!
This is the time of the year that Keeps on Giving for the next 12 months.
Want to give everyone a gift? Buy them these END OF YEAR TAX LOSS SHARES that people get advised to just toss out for accounting reasons.
Alot of us scored huge last year with LEHMAN and WAMU Plays at the End of year. Lehmans are being sold off bigtime for tax losses again, and I'm gathering those as well.
I couldn't believe how far SIXOQ has fallen in recent days/weeks.... Picked some up at 15c and am bidding 17c for the balance. If they want to really go for the price puke, I'll nibble all the way down if need be.
Cheers, Goodluck, and a Merry Christmas to you as well!
Hope your 2010 is greatly profitable.
This is the time to accumulate! Next year should be exciting!!!!
Taking a peek over here for the next year.
Tossing some money at the end of year tax loss selling going on.
Amusement park sale throws industry for a loop
Wild ride for amusement parks, as Cedar Fair sale to private group turns industry upside down
Buzz up! 0
Companies:Walt Disney Co.Six Flags, Inc.
Symbol Price Change
DIS 31.93 -0.50
SIXFQ.OB 0.09 +0.00
By John Seewer, Associated Press Writer , On Thursday December 17, 2009, 4:10 pm
TOLEDO, Ohio (AP) -- The amusement park industry's bumpy ride this year took another twist as one of the nation's biggest park operators said it has reached a deal to be acquired by a private equity firm.
North America's third-largest chain, Ohio-based Cedar Fair LP, will turn over its 11 amusement parks, seven water parks and five hotels to Apollo Global Management for about $635 million in cash.
The deal announced late Wednesday tops off 12 months that have turned the industry upside down with declining attendance, private acquisitions and the bankruptcy of Six Flags Inc., the world's largest regional theme park company.
Cedar Fair's deal comes just two months after Anheuser-Busch InBev announced it would sell its 10 theme parks across the U.S., including the three SeaWorlds and two Busch Gardens, to private equity firm Blackstone Group for at least $2.3 billion.
"It all says we're seeing limited growth," said Dennis Spiegel, a theme-park consultant who is president of Cincinnati-based International Theme Park Services Inc. "We're still drawing and attracting a lot of people, but this does say we're a mature industry now."
Attendance and revenues at many big parks have flattened out in recent years and it's no longer a guarantee that opening an expensive roller coaster at a major theme park will bring in waves of new customers.
That made it tough for Cedar Fair and Six Flags to pay off huge debt that they accumulated on spending sprees for new parks.
Cedar Fair transformed from a regional chain to an industry giant in 2006 with its $1.24 billion acquisition of Paramount Parks Inc.
The deal added five amusement parks to its lineup, including Kings Island near Cincinnati, but also gave Cedar Fair a heavy debt load that it could not escape.
Apollo now will assume Cedar Fair's $1.7 billion debt as long as holders of two-thirds of the company's shares approve the transaction.
Cedar Fair, based in Sandusky, already had made a number of moves in the past year to shore up its bottom line. It sold a large chunk of land next to Canada's Wonderland, its park outside Toronto, and the company cut cash distributions to unit holders.
It also put up for sale two of its amusement parks along with the site of a now-closed park near Cleveland, but no deals for the parks were reached.
None of that was enough, especially in the face of a weak economy.
Cedar Fair said that said attendance dropped by 1.2 million visitors during the first three quarters, and guests who did visit the parks spent less money.
Other amusement parks tried similar tactics. The Walt Disney Co. began offering numerous discounts and specials to keep visitors coming. Six Flags posted a second-quarter loss of $121 million, noting that groups, companies, schools and other organizations cut out trips.
Buzz up! 0
SIXOQ Huge News! Nice call Classic!!!
Six Flags, Inc. Noteholders Urge Consideration of Alternative, Fully-Committed Reorganization Plan
Proposed Plan Provides Superior Recoveries for All Constituents; Noteholders Seek Board Engagement on Key Issues
NEW YORK, Nov 29, 2009 (GlobeNewswire via COMTEX) -- An ad hoc group of senior note holders (the "Ad Hoc Committee") of Six Flags, Inc. ("SFI") has submitted to SFI's Board of Directors an alternative reorganization proposal (the "SFI Noteholder Plan") which, if adopted, would provide higher recoveries to the creditors of SFI and its debtor affiliates.
In a letter dated November 25th, the SFI Noteholders urged the Board to accept the SFI Noteholder Plan in favor of the Debtors' Second Amended Joint Plan of Reorganization ("Debtors' Plan"), and to engage in a thoughtful, deliberate restructuring process that will maximize recovery for all creditors, as opposed to the Debtors' Plan, which unfairly provides preferential treatment to holders of a series of 12 1/4% notes issued by Six Flags Operations (the "SFO Notes") to the detriment of the SFI Noteholders. This letter further advocates for an alternative reorganization plan that provides a fully backstopped rights offering of $420 million. This alternative reorganization plan is supported by noteholders owning over $500 million of the approximately $870 million in senior notes issued by SFI. Furthermore, by virtue of this blocking position held by the Ad Hoc Committee, the Debtors are currently wasting valuable estate resources pursuing a plan that is not confirmable.
The SFI Noteholder Plan materially and directly improves upon the Debtors' Plan in that:
* Lenders are paid in full either with cash or through the
reinstatement of their debt.
* SFO Noteholders are paid in full with cash as opposed to
receiving common stock and the ability to participate in a rights
* SFI Noteholders are allowed i) approximately 19% of the new
common stock and ii) rights to participate in the convertible
preferred stock offering to purchase as much as approximately 81%
of the new common stock, subject to dilution by management's long
term incentive plan. In contrast, the Debtors' Plan provides SFI
Noteholders with approximately 5% of the new common stock.
The letter states, in part, "The SFI Noteholder Plan allows the holders of SFI Notes to own nearly 100% of the new common stock as compared to merely 5% in the Debtors' plan. There is no question the SFI Noteholder Plan maximizes the recoveries of allcreditors of the Debtors, and more fairly allocates the value oftheir estates."
A hearing on the Disclosure Statement for the Debtors' Plan is currently scheduled for December 4, 2009.
White & Case LLP is representing the SFI Noteholders as legal counsel and Chanin Capital Partners LLC is serving as financial advisor.
The following correspondence was sent to SFI's board:
Re: In re Premier International Holdings Inc., et al., No. 09-12019
(CSS) (Bankr. D. Del.)
The signatories (collectively, the "SFI Noteholders") to the
enclosed commitment letter (the "Commitment Letter") are holders or
advisors to holders of over $500 million of the approximately
$870 million of unsecured notes (collectively, the "SFI Notes")
issued by Six Flags, Inc. ("SFI"). We are sending this letter to
you in your capacity as members of the board of directors of SFI
and in connection with the above-captioned chapter 11 cases of
SFI and its affiliated debtors (the "Debtors").
On November 20, 2009, White & Case LLP delivered to the
Debtors' legal and financial advisors the Commitment Letter under
which the SFI Noteholders have committed to fully backstop a $420
million preferred stock rights offering in connection with a
proposed plan of reorganization for the Debtors (the "SFI
Noteholder Plan"). The SFI Noteholder Plan proposes to pay in
full or otherwise reinstate all creditors of the Debtors'
estates, other than creditors of SFI, who will receive a
materially enhanced recovery under such plan as compared to the
Debtors' proposed Second Amended Joint Plan of Reorganization
(the "Debtors' Plan"). Copies of the term sheet for the SFI
Noteholder Plan and the Commitment Letter are attached hereto.
Specifically, the SFI Noteholder Plan provides the following:
(1) Lenders: While the Debtors' plan provides cash payment in full,
the SFI Noteholder Plan reinstates the term loan and pays off
the revolver in full in cash.
(2) SFO Notes: While the Debtors' plan provides the holders of 12
1/4% Senior Notes issued by Six Flags Operations, Inc ("SFO
Notes") with i) approximately 25% of the new common stock in
SFI and ii) rights to participate in the equity offering to
purchase an additional approximately 70% of the new common
stock (subject to dilution by management's long term incentive
plan), the SFI Noteholder Plan provides the holders of SFO
Notes with cash payment in full.
(3) SFI Notes: While the Debtors' plan provides the holders of SFI
Notes with approximately 5% of the new common stock, the SFI
Noteholder Plan provides the holders of SFI Notes with i)
approximately 19% of the new common stock and ii) rights to
participate in the convertible preferred stock offering to
purchase up to an additional approximately 81% of the new
common stock (subject to dilution by management's long term
The SFI Noteholder Plan allows the holders of SFI Notes to own
nearly 100% of the new common stock as compared to merely 5% in the
Debtors' plan. There is no question the SFI Noteholder Plan
maximizes the recoveries of all creditors of the Debtors, and
more fairly allocates the value of their estates.
In light of the foregoing and the upcoming hearing on the
Disclosure Statement for the Debtors' Plan scheduled for December 4,
2009, we propose to meet with you, management of the Debtors and
their advisors as soon as possible to discuss the SFI Noteholder
All rights of the SFI Noteholders are reserved.
We look forward to hearing from you.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: SFI Noteholders
CONTACT: CONTACT: Perry Street Communications
Mobile: (417) 860-5850
Mobile: (212) 333-5525
(C) Copyright 2009 GlobeNewswire, Inc. All rights reserved.
SUBJECT CODE: FINANCING AGREEMENTS
We have news today. Holding preferred shares here. GLTA
I will be looking for news, Thanks Bullish!
I tried to contact the HQ but they referred me to the Bankruptcy lawyer. Thanks.
SIXOQ are the Preferred Shares, SIXFQ are the commons.
Companies: Walt Disney Co.Six Flags, Inc.
MILWAUKEE (AP) -- Anheuser-Busch InBev said Wednesday it will sell its 10 theme parks across the U.S., including the three SeaWorlds and two Busch Gardens, to private equity firm Blackstone Group for at least $2.3 billion.
AP - In this undated promotional image provided by Busch Entertainment Corp., people ride the Loch Ness Monster roller coaster ...
Symbol Price Change
DIS 28.17 -0.01
SIXFQ.OB 0.17 0.00
The world's largest brewer, based in Belgium, has been shedding assets to help pay for the $52 billion takeover of St. Louis-based Anheuser-Busch that formed the company last year.
The two sides confirmed the deal Wednesday, saying Blackstone will pay $2.3 billion in cash for Busch Entertainment Corp. and give Anheuser-Busch InBev the right to up to $400 million of Blackstone's initial returns.
New York-based Blackstone's other investments include Universal Studios Orlando and Madame Tussauds wax museums so the theme parks fit into its portfolio.
Some amusement park operators are showing signs of stress amid the recession. Six Flags Inc., saddled by debt, is in bankruptcy court protection. And the nation's top amusement park operator, The Walt Disney Co., is offering numerous discounts and specials to keep visitors coming -- and spending money.
Blackstone sees opportunity investing in media and entertainment businesses, said Michael Chae, senior managing director at Blackstone.
"We are delighted to be investing in a company with such iconic brands, irreplaceable assets and strong growth prospects," he said. The company declined to detail its plans.
Blackstone probably will try to get visitors to spend more at the parks by starting to charge money for extras like taking pictures with characters, said David Miller, an analyst with Caris & Co.
Anheuser-Busch InBev CEO Carlos Brito said last year as InBev took over Anheuser-Busch that the company would sell $7 billion in nonessential assets to help pay for the deal. The company has sold its Irish and Scottish businesses, factories and some interests in Asia.
Brito said in a statement Wednesday that the theme parks perform well but are not a focus for the brewer.
Busch Entertainment's 10 parks include SeaWorlds in Florida, Texas and California; Busch Gardens in Florida and Virginia and others such as Sesame Place and Adventure Island. Busch is considered the second-largest U.S. entertainment park operator with about 25 million visitors a year and 25,000 employees.
The company benefits from a diverse geography, including parks in vacation destinations like San Diego and in regional hubs. That means people can make spur-of-the-moment decisions to visit them and don't have to plan a full vacation, which they're less likely to do during the recession, analyst Miller said.
"You don't need an airline reservation or a hotel reservation. You get in your car. You grab your kid and say let's go to Busch Gardens," he said.
It's not clear how much the business is worth. According to Anheuser-Busch InBev's annual report from 2008, the entertainment unit had pro-forma revenue of 932 million euros, or about $1.37 billion. The parent company has not included the unit's quarterly performance in its results this year.
Busch Entertainment CEO Jim Atchison said the company looks forward to growing the business under its new owners and praised their experience in entertainment. Park guests and employees should expect to see only improvements, he said.
"We're very committed to growth, to maintaining the quality of the parks, the investments of the park," he told The Associated Press.
The brewer of top-selling Bud Light started Busch Gardens in 1959 at the Tampa brewery, Atchison said, first adding animals and eventually a full-fledged theme park.
Atchison said it was bittersweet that Anheuser-Busch would no longer be the company's owner, especially for him because he started his career parking cars at the Tampa Busch Gardens as a teenager.
Busch Entertainment, which will add some clerical and other jobs to perform tasks its parent had covered, will maintain its headquarters in Orlando, Florida, and -- for now -- the Busch name, Atchison said.
White reported from Brussels.
Buzz up! 6
WOW, I was looking at that stock 3 months ago and I forgot to buy, WOW! I bought 6 Flags because I enjoy visit their parks. I have been in almost all, and I believe it can go to big dollars pretty soon, IMHO.
jump on SIXOQ! while its still under $1