Six Flags Inc., one of the world’s largest amusement-park chains, will be mostly owned by its lenders if a bankruptcy judge approves a deal negotiated between the company and its debt holders.
The theme-park company filed for Chapter 11 bankruptcy protection early Saturday amid a mountain of debt topping $2 billion and a looming $300 million payment due to preferred stockholders in August. Six Flags, which attracts 25 million visitors a year to its 120 roller coasters and other attractions, failed to persuade enough lenders to swap debt for equity over the past two months, forcing it into bankruptcy court.
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