NEW YORK (Standard & Poor's) March 11, 2004--Standard & Poor's Ratings Services said today that Six Flags Inc.'s (B+/Negative/-) announcement that it reached an agreement in principle for the sale of its Worlds of Adventure Cleveland park for $145 million and its European theme park division for $200 million does not affect the current ratings or outlook on the company. The company has stated that it would incur a $290 million total book loss in the first quarter of 2004 on the sale of these assets. The charge will not impair bank covenant compliance. Six Flags expects to use asset sale proceeds to reduce debt, as well as to fund investments in its other parks. The transaction, at a roughly...
Companies mentioned in this report are:
- Six Flags Entertainment Corp.
Action: S&P Event
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