May 4, 2010 (FinancialWire) — Six Flags Entertainment Corp. (OTCBB: SIXFQ) said that it has completed its balance sheet restructuring and emerged from Chapter 11.  The terms of the restructuring were confirmed by the court effective as of April 30, according to the amusement park operator.

The restructuring reduced Six Flags Entertainment's indebtedness and mandatorily redeemable preferred stock from around $2.7 billion at December 31, 2009 to around $1 billion at emergence.

As a result, Six Flags’ annual cash interest expense will be reduced to around $75 million. The restructuring also included $725 million in new equity committed by the new shareholders.  The plan also provides for payment in full of all of the company's trade creditors.  

Coupled with the equity investment, the restructuring was financed by around $1.0 billion of senior secured credit facilities, and a $120 million revolving credit facility.

An affiliate of Time Warner agreed to provide Six Flags with a $150 million multi-draw term loan facility to be used to fund annual Partnership Park put obligations above specified levels.

Six Flags said it will apply to list the new common stock of Six Flags Entertainment on the New York Stock Exchange.

New York-based Six Flags Entertainment is a regional theme park company with 19 parks across the United States, Mexico and Canada.

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