Six Flags' plan accepted by most claimants; unsecured class dissents

By Caroline Salls

Pittsburgh, March 4 - Six Flags Inc.'s plan of reorganization was accepted by a majority of voting creditors, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, the one holder of a $10 million SFTP TW guaranty claim voted to accept the plan, as did the 31 holders of $454.11 million in SFO pre-bankruptcy credit agreement claims, the one holder of a $10 million SFO TW guaranty claim and the one holder of a $10 million SFI TW guarantee claim.

In addition, 68 holders, or 83.95% in number, of $348.57 million, or 84.16% in amount, of SFO unsecured claims voted to accept the plan, while 13 holders, or 16.05% in number, of $65.63 million, or 15.84% in amount, of these claims voted to reject it.

Under the SFI unsecured claims class, the plan was accepted by 222 holders, or 54.81% in number, of $358.6 million, or 32.78% in amount, of those claims and rejected by 183 holders, or 45.19% in number, of $735.37 million, or 67.22% in amount. One SFI unsecured creditor holding $2,720 in claims, abstained.

The plan confirmation hearing is scheduled for Monday.

Six Flags, a regional theme park company based in New York, filed for bankruptcy on June 13, 2009. Its Chapter 11 case number is 09-12019.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.