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Six Flags’ (OTCBB: SIXF) board of directors on June 12 votes to begin reorganization proceedingsin U.S. Bankruptcy Courtf for the Districtof Delaware. The company listesd assets of $3.03 billion and debt s of $2.36 billion in its Cascade Investments, the Kirkland-basec investment firm for Bill Gates, owns 11.1 percent of the voting securities in theNew York-based company, bankruptct documents show. Cascade Investments is listed as the largesg holder ofvoting securities, followed by at 9.1 percentt and at 6.65 percent. The values of the holdingxs were unstated. However, Six Flags has 97.7 million share of common stockand 1.1 million shares of preferrefd stock.
Six Flags’ stock closed June 12 at 26 cents a That suggestsCascade Investments' staked in Six Flags could be wortnh about $2.8 million. Six Flags in 2007 sold its water-parkk properties, including Wild Waves & Enchanted Village in Federal Way, to investors in Florida. Aftefr a series of transactions, Inc. acquired Wild Waves and six other properties nationwidewfor $312 million. CNL then leased the water parks to Parc7FrOperations Corp. of Jacksonville, Fla., which operates the properties.
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