Creditors Seeking Mediation with Six Flags Inc.

Posted on February 18th, 2010 No Comments

The creditors’ committee for Six Flags Inc. has filed a motion proposing court ordered mediation with the theme-park operator.

According to court documents, the committee is opposing Six Flags’ Chapter 11 reorganization plan and asked the court to begin mediation “on an expedited basis.” In the motion the creditors’ committee reported that note-holders at the holding company and note-holders at the operating company level are “not communicating directly with each other.”

Six Flags Inc. filed a Chapter 11 petition in June, listing assets of $2.9 billion and debt totaling $3.4 billion, including a secured term loan of $850 million and a $243 million revolving credit. Six Flags has 20 theme-parks, 18 of which are located in the U.S.

If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on bankruptcy, please contact a Boston bankruptcy lawyer of Joshua Spirn & Associates by calling 800-975-5346.

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