Six Flags noteholders ask court to adjourn statement, loan hearings

By Caroline Salls

Pittsburgh, Nov. 13 - An informal committee of Six Flags Inc.'s noteholders has asked the U.S. Bankruptcy Court for the District of Delaware to adjourn the hearings for approval of the company's disclosure statement and exit financing arrangements, arguing that the noteholders have been frozen out of the plan process, according to a Thursday court filing.

Specifically, the noteholders said the Nov. 20 hearings should be adjourned to the next scheduled omnibus hearing to give stakeholders a meaningful opportunity to review the motions, as well as to give stakeholders enough time to respond.

As previously reported, Six Flags filed an amended plan of reorganization and related disclosure statement on Nov. 7.

"Last Friday, the debtors announced through the filing of their second amended disclosure statement and the financing motions that they switched horses and now support a deal with holders of senior notes issued by Six Flags Operations, Inc.," the committee said in the motion.

"This new deal would provide the SFO noteholders with substantially all of the equity of the debtors.

"Left out in the cold in these negotiations - again - are SFI's creditors."

The noteholders said Six Flags did not even negotiate the terms of the new plan with its official committee of unsecured creditors.

Six Flags, a regional theme park company based in New York, filed for bankruptcy on June 13. Its Chapter 11 case number is 09-12019.

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