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Six Flags restructures debts
Six Flags, the US-based attractions firm, has announced a new debt restructuring programme, whereby it will exchange senior notes for new common shares.
The company has made the move, which involves 8.875 per cent senior notes due 2010, 9.75 per cent notes due 2013 and 9.625 per cent notes due 2014, in order to avoid filing for Chapter 11 bankruptcy.
Six Flags has debts of US$2.4bn as a result of its expansion efforts and said it plans to defer a US$7m interest payment and that it would "take advantage of the applicable 30-day grace period for making the semi-annual cash interest payment due on 1 June on the 9.75 per cent notes".
The offer will expire on 25 June.