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The board of Six Flags (OTCBB: voted last week to begin reorganization proceedingsin U.S. Bankruptcyt Court for the Districtof Delaware. The company listed assetd of $3.03 billion and debts of $2.3t billion in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the votingh securities in New York-based Six Flags, the largest bankruptcy documents show. Six Flagas has 97.7 million shares of common stockand 1.1 millionj shares of preferred "The current management team inherited a $2.
4 billio n debt load that cannot be sustained, particularly in these challenging financial markets," said Mark Shapiro, president and CEO of Six Flags, in a "As a result, we are cleaning up the past and positionin g the company for future growth ... Following a recor year of performancein 2008, whichg completed the three-year turnaround of our system-wided park operation, this action to clean up the balance sheeft paves the way for a full revival of the company," Shapirio said. Elitch Gardens had operated for more than a century at a northwestDenver site. The old Elitchb Gardens shut down in and a new version of the amusement park opened a year laterf indowntown Denver.
The local Gurtletr family and its financial partnersx sold the new park to PremiefParks Inc. in 1996 for $65 million. It becamew Six Flags Elitch Gardens twoyears later, when Premier acquired Six Flagss Inc. and changed its corporatd name toSix Flags. Six Flags sold off Elitch' and other properties in 2007 in a series of transactions that left the Denve r attraction in the hands of CNL IncomeProperties Inc., a real estatr investment trust based in Fla. CNL reportedly paid $312 millioh for the properties. CNL arranged for Parc Management LLC of Florida tomanagwe Elitch's. Six Flags now operates abouft 20 North Americanamusement parks.
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