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Summary: Six Flags Inc. (Unsolicited Ratings) Apr 09 Product Image

Summary: Six Flags Inc. (Unsolicited Ratings) Apr 09

  • ID: 1831367
  • April 2009
  • Standard & Poors

The unsolicited public information (pi) rating on theme park operator Six Flags Inc. reflects the company's significant near-term maturities, volatile profitability, weak discretionary cash flow, thin liquidity, and high debt leverage. Despite the company's best operating performance in several years, Six Flags is unlikely to meet its near-term maturities. Standard & Poor's Ratings Services is concerned that the company could seek a prepackaged or prearranged Chapter 11 reorganization to reduce its high debt leverage and significant maturities over the near term. Out-of-court restructuring is also a possibility. Six Flags is required to redeem its preferred income equity redeemable shares (PIERS) for cash totaling $318.8 million, including accrued and unpaid dividends of $31.3 million, before their mandatory redemption on Aug. 15,...

Companies mentioned in this report are:
- Six Flags Entertainment Corp.
- Six Flags Theme Parks Inc.

Action: Review

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- Six Flags Entertainment Corp.
- Six Flags Theme Parks Inc.

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