Six Flags Extends Minimum Tender Deadline in Exchange Offers
May 29 2009 - 11:39AM
PR Newswire (US)
NEW YORK, May 29 /PRNewswire-FirstCall/ -- Six Flags, Inc. (OTC
Bulletin Board: SIXF) announced today that it has elected to extend
the minimum tender condition for the exchange offers for its 8-7/8%
Senior Notes due 2010 (the "SFI 2010 Notes"), 9-3/4% Senior Notes
due 2013 (the "SFI 2013 Notes"), 9-5/8% Senior Notes due 2014 (the
"SFI 2014 Notes, and, together with the SFI 2010 Notes and the SFI
2013 Notes, the "SFI Notes") and 4.50% Convertible Notes due 2015
(the "Convertible Notes") until 5:00 p.m., New York City time, on
June 12, 2009 (the "New Minimum Tender Deadline"). The original
minimum tender condition expired at 5:00 p.m., New York City time,
on May 28, 2009. In light of tenders to date being substantially
below the 95% minimum, Six Flags is extending the minimum tender
condition in order to provide additional time for holders to
consider tendering and provide its Board of Directors with ample
time to consider the Company's alternatives. Six Flags does not
currently anticipate extending the minimum tender deadline beyond
the New Minimum Tender Deadline, and if the minimum tender
condition is not satisfied by the New Minimum Tender Deadline, the
exchange offers will likely expire in accordance with their terms
and Six Flags would cancel the meeting of its PIERS holders. As a
result of the extension, it is now a condition of each of the
exchange offers that at least 95% of the outstanding aggregate
principal amount of each of the SFI Notes are validly tendered for
exchange and not revoked by the New Minimum Tender Deadline, such
tenders of SFI Notes being irrevocable thereafter, and that at
least 95% of the outstanding aggregate principal amount of the
Convertible Notes are validly tendered for exchange and not revoked
by the New Minimum Tender Deadline and that holders of such
Convertible Notes do not withdraw their Convertible Notes on or
prior to the Expiration Date on 11:59 p.m., New York City time, on
June 25, 2009, unless extended. About Six Flags Six Flags, Inc., is
a publicly-traded corporation headquartered in New York City and is
the world's largest regional theme park company with 20 parks
across the United States, Mexico and Canada. 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' 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 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: Media: Sandra Daniels, +1-212-652-9393,
Investor Relations: William Schmitt, +1-203-682-8200 Web Site:
http://www.sixflags.com/
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