Six Flags emerges from Chapter 11 with new plan
NEW YORK -- Six Flags Entertainment says it has emerged from Chapter 11 bankruptcy protection.
The amusement park operator sought bankruptcy protection in June, burdened by high debt and declining park attendance by economically strapped consumers. Locally, company owns Great America in Gurnee.
The company says in a news release Monday the terms of its restructuring were confirmed by the court as of Friday. Bondholders had been fighting over control of Six Flags and told a bankruptcy judge last week that they agreed to a revised plan.
Six Flags said the plan cuts its indebtedness and redeemable preferred stock to about $1 billion from about $2.7 billion. It also provides for payment in full of all trade creditors.
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