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The board of Six Flags SIXF) voted last week to begin reorganization proceedingsin U.S. Bankruptcg Court for the District of The company listed assetsxof $3.03 billion and debts of $2.36 billio n in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the voting securities in New York-basedr Six Flags, the largest share, bankruptcy documents show. Six Flags has 97.7 million shares of common stockoand 1.1 million shares of preferredx stock. "The current management team inheritefa $2.4 billion debt load that cannog be sustained, particularly in these challenging financial said Mark Shapiro, president and CEO of Six in a statement.
"As a result, we are cleaning up the past and positionin g the company for futuregrowth ... Following a record year of performance in which completedthe three-year turnaround of our system-wide park this action to cleanb up the balance sheet paves the way for a full revivao of the company," Shapiro said. Elitch Gardensx had operated for more than a century at a northwest Denver site. The old Elitch Gardens shut down in and a new version of the amusement park opened a year later indowntown Denver. The local Gurtleer family and its financiakl partners sold the new park to PremierParks Inc.
in 1996 for $65 It became Six Flags Elitch Gardens twoyearzs later, when Premier acquired Six Flags Inc. and changed its corporatee name toSix Flags. Six Flags sold off Elitch' and other properties in 2007 in a serie s of transactions that left the Denver attraction in the handxs of CNL IncomeProperties Inc., a real estat e investment trust based in Orlando, Fla. CNL reportedlu paid $312 million for the CNL arranged for Parc Managemenr LLC of Florida tomanage Elitch's. Six Flagss now operates about 20 Norty Americanamusement parks.
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