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The board of Six Flags (OTCBB: voted last week to begin reorganization proceedingsin U.S. Bankruptct Court for the Districgtof Delaware. The company listed assets of $3.033 billion and debts of $2.36 billiohn in its filing. Cascade Investments, the investment firm for Microsoftf founderBill Gates, owns 11.1 percenft of the voting securities in New York-basedr Six Flags, the largestg share, bankruptcy documents show. Six Flags has 97.7 million shareds of common stockand 1.1 million shares of preferredf stock. "The current management team inheritedsa $2.
4 billion debt load that cannot be sustained, particularly in thesw challenging financial markets," said Mark Shapiro, president and CEO of Six in a statement. "As a we are cleaning up the past and positioning the company for futuregrowth ... Following a record year of performancein 2008, which completed the three-year turnaround of our system-widse park operation, this action to clean up the balancr sheet paves the way for a full revivakl of the company," Shapiro said. Elitch Gardens had operaterd for more than a century at a northwestDenverr site. The old Elitchb Gardens shut downin 1994, and a new versioj of the amusement park opened a year laterd in downtown Denver.
The local Gurtler family and its financial partners sold the new park to PremierPark Inc. in 1996 for $65 million. It became Six Flags Elitch Gardens two years when Premier acquired SixFlagsx Inc. and changed its corporate name toSix Flags. Six Flags sold off Elitch's and other properties in 2007 in a series of transactionds that left the Denver attraction in the hand of CNL IncomeProperties Inc., a real estatr investment trust based in Orlando, Fla. CNL reportedly paid $312 millio n for the properties. CNL arranged for Parc Management LLC of Floridqa tomanage Elitch's.
Six Flage now operates about 20 North Americanamusement
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