Six Flags set for reorganization plan trial

Theme-park operator Six Flags Inc. may have a confirmation hearing for approval of the reorganization plan that will begin March 8 and may continue until March 19, according to a schedule submitted for the bankruptcy court's approval.

Six Flags owns Great America in Gurnee.

Expecting strident opposition from noteholders who would prefer a plan of their own, the contending parties are to produce documents by Jan. 6, conduct examinations of witnesses by Jan. 29, complete questioning experts by Feb. 22, and hold a pretrial conference on March 5 before the confirmation trial begins March 8.

The trial will continue each business day until March 19.

To see a comparison of Six Flags' plan with a proposal by noteholders that’s not being sent to creditors for voting, click here to read the Bloomberg daily bankruptcy report from Dec. 1.

The Six Flags Chapter 11 petition in June listed assets of $2.9 billion against debt totaling $3.4 billion, including a $850 million secured term loan and a $243 million revolving credit. New York-based Six Flags has 20 theme parks, with 18 in the U.S. The parks have 800 rides, including 120 roller coasters.

The case is Premier International Holdings Inc., 09-12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).