The Interpreter Posted April 18, 2009 Share Posted April 18, 2009 ATLANTA/NEW YORK, April 17 (Reuters) - Theme-park operator Six Flags Inc (SIX.N) said on Friday it was offering to exchange certain notes for common shares as it seeks relief from its debt obligations and looks to avoid a Chapter 11 filing. The company said the offer, which involves 8.875 senior notes due 2010, 9.75 notes due 2013, and 9.625 notes due 2014, would expire June 25 unless extended or ended earlier. Six Flags said the exchange offer was part of a restructuring plan in which it would also seek to convert outstanding Preferred Income Equity Redeemable Shares, or PIERS, to stock. Six Flags is also seeking consents to eliminate or amend restrictive note terms.... http://www.reuters.com/article/marketsNews...735185220090417 Quote Link to comment Share on other sites More sharing options...
BoddaH1994 Posted April 19, 2009 Share Posted April 19, 2009 The electronic response to SIX's delisting has been interesting. I have the SIX ticker as part of my Vista widgets and it just appears as a blank line and $0.13 next to it. My Fidelity account shows the ticker with $0.19 next to it, but if you click on the symbol for a detailed quote it can't find it. According to SIX's web site, it's currently trading for $0.13. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 20, 2009 Author Share Posted April 20, 2009 Six Flags Debt for Equity Offer Coercive--Fitch: ... Fitch analyst Mike Simonton said the proposed exchange is "de facto involuntary" because it results in a "material reduction in terms" that can hurt bondholders who do not tender.... Simonton also noted that investors are left with few options if they do not participate, pointing to Six Flags comments on Friday that it could seek an out-of-court restructuring or file for Chapter 11 bankruptcy protection if the exchange fails.... http://www.reuters.com/article/bondsNews/i...040380520090420 Quote Link to comment Share on other sites More sharing options...
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