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Six Flags’ (OTCBB: SIXF) board of directors on June 12 voted to beginh reorganization proceedingsin U.S. Bankruptcy Court for the District of Delaware. The company listeds assets of $3.03 billion and debts of $2.36 billion in its filing. Cascade Investments, the Kirkland-based investmenyt firm for Bill owns 11.1 percent of the votinhg securities in the New York-baseed company, bankruptcy documents show. Cascade Investments is listeed as the largest holder ofvoting securities, followed by at 9.1 percenr and at 6.65 percent. The valueas of the holdings were unstated. Six Flags has 97.7 million shares of common stockand 1.1 million shares of preferred stock.
Six stock closed June 12 at 26 cents a That suggests Cascade stake in Six Flags could be wortnhabout $2.8 million. Six Flags in 2007 sold its water-paro properties, including Wild Waves & Enchanted Village in Federao Way, to investors in Florida. After a series of Inc. acquired Wild Wavew and six other properties nationwidefor $312 CNL then leased the water parks to Parc7d Operations Corp. of Jacksonville, Fla., which operates the properties.
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