Six Flags Announces Financing Arrangements For 2009 Partnership Parks 'Put' Amount
05 Maggio 2009 - 12:17AM
PR Newswire (US)
NEW YORK, May 4 /PRNewswire-FirstCall/ -- Six Flags, Inc. (OTC
Bulletin Board: SIXF) announced today that, as of the end of the
2009 "put" period on April 28, 2009, it had received "put" notices
from holders of units in the limited partnerships that own the Six
Flags Over Texas and Six Flags Over Georgia parks, including Six
Flags White Water Atlanta (the "Partnership Parks"), with an
aggregate "put" price of approximately $66 million. Six Flags is
required to purchase these units by May 15, 2009. The general
partner of the Georgia limited partnership has elected to purchase
50% of the Georgia units that were "put" for a total purchase price
of approximately $7 million. Six Flags intends to fund "puts"
totaling $6 million with cash that is currently in escrow for the
benefit of subsidiaries of Time Warner Inc. in connection with Six
Flags' obligations related to the Partnership Parks. Although not
required by the existing arrangements with subsidiaries of Time
Warner Inc. concerning the Partnership Parks, a subsidiary of Time
Warner Inc. has committed to provide a loan for the remaining
approximately $53 million to enable Six Flags to fund the 2009
"put" obligations. The committed financing has a maturity of March
2011. The financing commitment is subject to customary conditions
and there can be no assurance that Six Flags would be able to
obtain alternative funding to finance these "put" obligations on or
prior to May 15, 2009. About Six Flags Six Flags, Inc. is the
world's largest regional theme park company with 20 parks across
the United States, Mexico and Canada, and soon will be expanding
beyond North America with destinations in Dubai and Qatar. Since
1961, hundreds of millions of families have trusted Six Flags to
combine friendly-clean-fast-safe service with affordable,
value-packed thrills, record-shattering roller coasters and special
events like the Summer Concert Series, Fright Fest and Holiday in
the Park. Six Flags' wide array of entertainment options reaches
all demographics - families, teens, tweens and thrill seekers alike
- featuring themed attractions based on skateboarding legend Tony
Hawk, the ultimate daredevil Evel Knievel, movie franchises The
Dark Knight and The Mummy; as well as world-renowned, kid-friendly
brands including Looney Tunes, the Justice League of America, The
Wiggles and Thomas the Tank Engine. Six Flags continues to develop
new avenues for growth, acquiring ownership and management of Dick
Clark Productions, producer of such perennial television hits as
the American Music Awards, the Golden Globe Awards, the Academy of
Country Music Awards, Dick Clark's New Year's Rockin' Eve and So
You Think You Can Dance. Six Flags, Inc. is a publicly-traded
corporation headquartered in New York City. Forward Looking
Statements: The information contained in this news release, other
than historical information, consists of forward-looking statements
within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. These statements may involve
risks and uncertainties that could cause actual results to differ
materially from those described in such statements. These risks and
uncertainties include, among others, Six Flags' ability to
consummate a financing to fund its "put" obligations under the
Partnership Parks prior to May 15, 2009, Six Flags' success in
implementing a restructuring plan and the adequacy of cash flows
from operations, available cash and available amounts under its
credit facility to meet its future liquidity needs. Although Six
Flags believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Important
factors, including the failure to successfully fund the Partnership
Parks "put" obligations and consummate a restructuring and factors
impacting attendance, local conditions, events, disturbances and
terrorist activities, risk of accidents occurring at Six Flags'
parks, adverse weather conditions, general financial and credit
market conditions, economic conditions (including consumer spending
patterns), competition, pending, threatened or future legal
proceedings and other factors could cause actual results to differ
materially from Six Flags' expectations. Reference is made to a
more complete discussion of forward-looking statements and
applicable risks contained under the captions "Cautionary Note
Regarding Forward-Looking Statements" and "Risk Factors" in Six
Flags' Annual Report on Form 10-K for the year ended December 31,
2008, its Preliminary Proxy Statement for its 2009 Annual Meeting,
and its other filings and submissions with the Securities and
Exchange Commission, which are available free of charge on Six
Flags' website http://www.sixflags.com/. DATASOURCE: Six Flags,
Inc. CONTACT: Sandra Daniels, +1-212-652-9360, or William Schmitt,
Investor Relations, +1-203-682-8200 Web Site:
http://www.sixflags.com/
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