Senior Roller

A Shaky Roller Coaster Ride for Six Flags

In Delaware, Six Flags bondholders, who have been fighting over control, told a bankruptcy judge recently they have agreed on a revised Chapter 11 reorganization plan, for the theme park operator. Through the agreement announced in court, holders of junior notes issued by holding company Six Flags, Inc., will now assume control of the New York company. Six Flags, incidentally, owns 20 amusement parks throughout the United States, Mexico and Canada. Holders of senior secured notes issued by Six Flags Operations, Inc. (an operating subsidiary), would have received roughly 93% of the equity, in the reorganized company under an earlier proposal. Under the new plan, SFO noteholders will receive $470 million in cash by the Six Flags, Inc. noteholders in order to satisfy their claims.

An attorney for the Six Flags, Inc. noteholders, Thomas Lauria, told Judge Christopher Sontchi in Delaware all other creditors will be paid in full by the SFI group. The SFI group recently put together a financing package in order to offer its alternative plan.
"This is truly an extraordinary result," attorney Lauria said, considering the case itself has proven to be as wild and harrowing as one of its own rides. Ever since Six Flags sought bankruptcy protection back in June 2009, it has been hit hard by high debt and sinking park attendance—who can afford to visit the amusement park these days?

The company's original reorganization plan proposed a debt-to-equity swap, giving secured lenders 92% of the reorganized company's common stock. After months of labored discussions with debt holders and secured lenders, Six Flags nixed its plan and adopted another one under which lenders owed more than $1 billion, would be paid in full; and holders of the senior SFO notes would receive roughly 25% of the reorganized company's common stock, along with rights to purchase an additional 70%.

However, holders of SFI's junior notes objected to the revised plan, which would have given them only around 5% of the new equity. They instead offered an alternative proposal which included more than $1 billion in new debt and an equity rights offering of $725 million—proceeds from which would be used to pay off SFO noteholder claims of $420 million and satisfy other creditors.

Under the recent agreement announced, the recovery for SFO noteholders was nudged to $470 million from $420 million. Meanwhile, shareholders led by Resilient Capital Management, stand to get nothing from the agreement and objected to the plan, saying it undervalues the company and wipes out stockholders, while allowing frivolous bonuses for managers who despite driving the company into bankruptcy, stand to gain up to 15% of stock in the new company under an incentive plan.

About the Author

The author is an authority in bankruptcy and loan modifications.

Recreation for Senior Citizens

What the world has now is an aging population. The baby boomers are now thinking of retirement and the number of senior citizens is constantly on the rise. Age comes with the necessity to keep one's body fit and healthy. If you would like to enjoy your retirement years, you have to have a healthy and active lifestyle to do so. Recreation is a big part of this.

Regular physical recreation will help the body reduce any risk of common diseases such as high blood pressure, heart attacks, cancer and diabetes. Aside from the physical gain, performing recreations also helps in keeping a healthy mental capacity. Coping will be a lot easier when faced with stress and your memory will also be enhanced. Some recreation activities also foster social support from family and friends.

The older people get the less activity they partake in and the less social events they participate at. They think of themselves as less capable or even incapable to do these. They often gather excuses like their declining health, scarce financial resources and lack of transportation. The fact is that there are various resources for recreational activities, especially inside parks.

Some Denver Colorado parks give huge discounts for senior citizens. There are also some days when their entrance is for free. There are a variety of activities for senior citizens inside the park. They can walk around and just breathe in the fresh air. They can jog and even try roller skating if they are still capable of doing that. They can socialize with people there and even start community gardening.

Research indicates that senior citizens who have some form of recreation in their daily regimen have higher tendency to remain active despite of their age. You can start finding a recreation activity in the nearest Denver Colorado parks near your vicinity. You can even bring your son, daughter or even great-grandchildren with you.

Denver Colorado parks are not only built for the enjoyment of the youth but also for the recreation of the senior citizens. Activities there can motivate the elders to start physical activities once again. It is never too late to do so.

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