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29yrswithaGApass

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If you had any doubts about the upcoming season or the dedicated focus of Six Flags, please be sure to read the following memo we received from Angel today. She says it better than we can! :)

 

 

Hey guys,

 

I thought it was important to forward this all to you to keep you all in the loop. As our President and CEO Mark Shapiro stated this morning on our 4th quarter earnings call – our company is strong…all parks are profitable, and we are operating at full throttle. We will have the best concert line-up nationwide that we’ve ever had; new attractions themed after movie franchises such as Terminator Salvation, The Dark Knight, The Mummy and the upcoming feature Fame; new advertising partners such as T-Mobile and Mars with their new in-park M&M Emporiums; season pass and group sales business is brisk at the moment and we have launched our longest season ever at several of our parks. The parent company is exploring all options in order to reduce debt and comprehensively clean-up our balance sheet once and for all. Regardless of the outcome of those discussions, guests will only see a better, stronger, more improved product and plans are already underway to celebrate our 50th anniversary in 2011 in a big, big way!

 

We are opening our park – Six Flags Great Adventure on April 4 and guys we have a lot going on this season to brag about including the Medusa transformation, Fireworks, more concerts, a new, elaborate float for the Glow in the Park parade and additional food and merchandise locations such as Johnny Rockets, Ichiban Tea House, Global Gourmet, Cyber Café and M-PORIUM. Be proud of our park and what we have accomplished, it’s as much your park as it is mine…here’s to the 2009 season!!!

 

Angel

 

 

Angel Aristone

Public Relations Manager

Six Flags Great Adventure, Wild Safari and Hurricane Harbor

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And as part of what Angel said, there are also new retail locations as well.

The park is going to be INSANE this season.

 

I don't even think some members of this site can even begin to comprehend the magnitude of new attractions we are receiving this season. This is going to be one of the greatest seasons in history. Just wait a few more weeks, and everyone is going to be BLOWN AWAY at how much work and dedication came out of the park's staff this off-season.

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I'm guessing we will be getting a coaster in 2011 since she said

Regardless of the outcome of those discussions, guests will only see a better, stronger, more improved product and plans are already underway to celebrate our 50th anniversary in 2011 in a big, big way!

 

I'm excited to see whats to come for our park!

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This is good news. 2011, the 50th year of Six Flags, may be when we get a new coaster. :huh: She said we are opening at full throtle does this mean Houdini will be open? Either way i think that this will be a great year too!!!!! :D

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Magic Mountain is now confirmed to be getting ANOTHER coaster next year and wiggles world as their addition for 2011. They suck. I will accept their back to back coasters IF GADV gets one in 2010 and 2011. lol.

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They are also getting a new water slide too the lucky stiffs, GAdv's HH has been getting the shaft since 2002. The problem is nether SFMM or SFGAdv really need new coasters since both have plenty but they both need more family flat rides. Is there any news about the Hayride returning for this year's FF?

Edited by The Master

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Is there any news about the Hayride returning for this year's FF?

 

Right now, the park's main focus is opening day. I'm sure they'll start working on Fright Fest soon enough.

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i was there on saturday, and there is still a lot of work to be down. The cars and lights werent on the wheel yet, a lot of the shops were empty or under various stages of construction and it was generally a mess, organized chaos. There is a lot of work to be done in 5 days.

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Is there any news about the Hayride returning for this year's FF?

 

 

You know I was thinking this for a while along with a bunch of other things, but then I stopped and realized to myself that even though it was gone again for the 2008 FF, I didn't even notice. I guess that is a good sign for the park when someone who goes as often as I did last year still had enough to occupy him durinng both his FF visits.

 

I'm wondering if there will be any rides this year subject to the late opening Medusa was given last season this year. There are definately others that it could probably be done to, none are really as far from the front gate I suppose.

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so does this mean the park is not closing down? my mom's friend keeps telling her that it is closing down and now my mom won't buy a season pass. help :unsure:

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Great Adventure is NOT closing down. Six Flags is in financial trouble from the Debt they acquired from the old Management. Great Adventure is a profitable Park, and makes Six Flags alot of money. Our park will be around for a long time.

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I have a question,do the higher ups in the park know,except for coasters there isn't else much to do,theres not alot of shows and there is almost no flats left to go on.I really wish they would add somethings like what Cedar Point has,they have a good amount of flat rides and they are good ones too,plus GA has all this empty space plus all the huge empty spots of ugly looking pavement.

 

I'm not trying to complain and sound annoying but I kind of agree when someone said that GA is turning into a huge outdoor shopping mall with Coasters.

 

I still love the park but it just kind of annoys me I would love to see GA used at full potential by adding flats to cut down lines at other major coasters.

Edited by Mike13

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Thanks so much!!! yay!!! im so happy now :D

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I have a question,do the higher ups in the park know,except for coasters there isn't else much to do,theres not alot of shows and there is almost no flats left to go on.I really wish they would add somethings like what Cedar Point has,they have a good amount of flat rides and they are good ones too,plus GA has all this empty space plus all the huge empty spots of ugly looking pavement.

 

I'm not trying to complain and sound annoying but I kind of agree when someone said that GA is turning into a huge outdoor shopping mall with Coasters.

 

I still love the park but it just kind of annoys me I would love to see GA used at full potential by adding flats to cut down lines at other major coasters.

 

They probably understand that, but they're over a barrel with the choices they have to make with the company's economic circumstances. They inherited a park overloaded with coasters, and have to choose between keeping all of them and keeping flat rides. Loosing coasters will loose more guests than losing flat rides. Also, while we have lost many flat rides, we are one of the only parks in the country (let alone in the Six Flags chain) to still have a large Ferris Wheel, a skyride, and a Parachute tower. Those are flat rides most parks have lost over time. We lost a bunch of carnival rides. Yes we lost some unique ones, but most of them we have lost are easily replaced as economic conditions improve.

 

As for shows, we haven't lost shows as much as redistributed them. Traditional sit down shows have never really drawn crowds at GA, and it makes a lot more sense to add the passive entertainment throughout the park instead. More people will see, enjoy and remember the street characters and performances than ever would have gone into Showcase to watch a 20 minute show. Our park is also one fo the few to feature animal shows, and they draw more guests than a musical review or magic show ever could. And believe me, I wish we did have more traditional shows (I worked in Show Operations for several years and when I go to a park I always take time to see the shows), but the park management is doing the best they can with hat they have right now.

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Wow, Six Flags stock is up by more than 30% today!

 

I wonder if there is an announcement coming or this is just investors reacting to the Swine Flu thereat dropping?

 

The only other thing I can think is they're reacting to the mention of Time Warner paying the bill for SFOT & SFOG. :huh:

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Wow, Six Flags stock is up by more than 30% today!

 

I wonder if there is an announcement coming or this is just investors reacting to the Swine Flu thereat dropping?

 

The only other thing I can think is they're reacting to the mention of Time Warner paying the bill for SFOT & SFOG. :huh:

 

SIXF.OB closed at 0.39 today! Up 63% (0.15) from yesterday's 0.24!

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Aha! They seem to have come up with a way to stay afloat!

 

Press release from Six Flags:

Six Flags Announces Debt for Equity Exchange Offer for its 4.50% Convertible Notes Due 2015

 

NEW YORK, May 6 /PRNewswire-FirstCall/ -- Six Flags, Inc. ("Six Flags" or "SFI") announced today the commencement of an offer to exchange any and all of its 4.50% Convertible Notes due 2015 (the "SFI Convertible Notes") for shares of common stock of Six Flags (the "Common Stock").

 

Six Flags is offering to exchange (the "Convertible Note Exchange Offer") all properly tendered and accepted SFI Convertible Notes for shares of Common Stock. Subject to the terms and conditions of the Convertible Note Exchange Offer, each holder of SFI Convertible Notes (each, a "Holder" and collectively, the "Holders") who validly tenders and does not revoke all SFI Convertible Notes held by such Holder will receive for each $1,000 claim (consisting of principal amount, and accrued and unpaid interest thereon through, and including, June 25, 2009) of SFI Convertible Notes tendered, 18.5857 shares of Common Stock, however, it is a condition to the Convertible Note Exchange Offer that at least 95% of the outstanding principal amount of the SFI Convertible Notes are validly tendered for exchange and not revoked by 5:00 p.m., New York City time, on May 28, 2009 and that Holders of such SFI Convertible Notes do not withdraw their SFI Convertible Notes prior to the Expiration Date (as defined below). Holders who tender and do not revoke their SFI Convertible Notes in the Convertible Note Exchange Offer will not be entitled to any interest on such SFI Convertible Notes from June 25, 2009, regardless of when the Convertible Note Exchange Offer closes, and any subsequent interest that would otherwise have been earned on such SFI Convertible Notes will be deemed paid in full upon receipt of the Total Consideration in the Convertible Note Exchange Offer.

 

Concurrently with the Convertible Note Exchange Offer, Six Flags is also soliciting consents from the Holders (the "Consent Solicitation") for certain amendments to the indenture pursuant to which the SFI Convertible Notes were issued (as the same may have been amended and supplemented from time to time, the "Indenture"), to eliminate or amend substantially all of the restrictive covenants and modify certain of the events of default and various other provisions contained in the Indenture (collectively, the "Proposed Amendments"). A tender by any Holder in the Convertible Note Exchange Offer will also constitute an approval by such Holder of the Proposed Amendments. The Proposed Amendments will not become operative unless and until the Convertible Note Exchange Offer is consummated.

 

The Convertible Note Exchange Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on June 25, 2009, unless extended or earlier terminated (the "Expiration Date"). Tenders of SFI Convertible Notes pursuant to the Convertible Note Exchange Offer may be withdrawn and consents delivered pursuant to the Consent Solicitation may be revoked at any time until the Expiration Date, however, it is a condition to the Convertible Note Exchange Offer that at least 95% of the outstanding principal amount of the SFI Convertible Notes are validly tendered for exchange and not revoked by 5:00 p.m., New York City time, on May 28, 2009 and that Holders of such SFI Convertible Notes do not withdraw their SFI Convertible Notes prior to the Expiration Date.

 

The Convertible Note Exchange Offer and the Consent Solicitation are part of a restructuring plan (the "Restructuring Plan") with respect to the SFI Convertible Notes and SFI's 8-7/8% Senior Notes due 2010 (the "SFI 2010 Notes"), SFI's 9-3/4% Senior Notes due 2013 (the "SFI 2013 Notes"), SFI's 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 SFI's Preferred Income Equity Redeemable Shares (the "PIERS"). As part of the Restructuring Plan, SFI is also conducting (i) a separate exchange offer for $131.1 million aggregate principal amount, plus accrued and unpaid interest thereon through, and including, June 25, 2009, of the SFI 2010 Notes, $142.4 million aggregate principal amount, plus accrued and unpaid interest thereon through, and including, June 25, 2009, of the SFI 2013 Notes and $314.8 million aggregate principal amount, plus accrued and unpaid interest thereon through, and including, June 25, 2009, of the SFI 2014 Notes to exchange 18.5857 shares of Common Stock for each $1,000 claim (consisting of principal amount, and accrued and unpaid interest thereon through, and including, June 25, 2009) (the "SFI Note Exchange Offer"), and (ii) a consent solicitation from the holders of 11.5 million currently outstanding PIERS to amend the terms of the PIERS to provide, among other things, that each initial $25.00 of liquidation preference, plus accrued and unpaid dividends thereon through, and including, June 25, 2009, shall automatically convert into 0.17 shares of Common Stock upon consummation of the Restructuring Plan (the "PIERS Amendment"). SFI currently intends to take advantage of the applicable 30-day grace period for making the semi-annual cash interest payment due on June 1, 2009 on the SFI 2014 Notes. The cash interest that holders of the SFI 2014 Notes would otherwise be entitled has been included in the calculation of the number of shares of Common Stock such holders are being offered in the SFI Note Exchange Offer and will receive in lieu of such cash payment.

 

If the Restructuring Plan is successful and all of the Holders of SFI Convertible Notes and holders of SFI Notes participate therein, the PIERS would be converted to approximately 10% of the outstanding Common Stock, the SFI Convertible Notes would be exchanged for approximately 26.7% of the outstanding Common Stock and the SFI Notes would be exchanged for approximately 58.3% of the outstanding Common Stock, with the existing holders of Common Stock holding approximately 5.0% of the outstanding Common Stock, in each case prior to taking into account the issuance of any equity under an equity incentive plan to be adopted in connection with the Restructuring Plan.

 

The consummation of the Convertible Note Exchange Offer is conditioned upon the satisfaction or waiver of the other conditions set forth in the Offering Memorandum and Consent Solicitation Statement, dated May 6, 2009 (the "Offering Memorandum"), including, among other things: (i) at least 95% of the outstanding aggregate principal amount of the SFI Convertible Notes are validly tendered for exchange and not revoked by 5:00 p.m., New York City time, on May 28, 2009, that holders of such SFI Convertible Notes do not withdraw their SFI Convertible Notes on or prior to the Expiration Date, and holders representing such SFI Convertible Notes deliver their consents to the Proposed Amendments; (ii) at least 95% of the aggregate principal amount of each issue of the SFI Notes are validly tendered for exchange and not revoked by 5:00 p.m., New York City time, on May 28, 2009, such tenders of SFI Notes being irrevocable thereafter, and holders representing such SFI Notes deliver their consents to the proposed amendments to the indentures pursuant to which the SFI Notes were issued; (iii) holders of a majority of the outstanding liquidation preference of the PIERS consent to the PIERS Amendment; and (iv) holders of a majority of the outstanding shares of Common Stock consent to the adoption of a new equity incentive plan, the PIERS Amendment, a 1-for-100 reverse stock split and a decrease in Six Flags' authorized shares of common stock and certain other amendments to Six Flags' certificate of incorporation.

 

In the event that the Restructuring Plan does not occur, Six Flags intends to explore all other restructuring alternatives available to it at that time, which may include an alternative out-of-court restructuring or the commencement of a chapter 11 plan of reorganization, with or without a pre-arranged plan of reorganization. There can be no assurance that any alternative restructuring arrangement or plan could be accomplished.

 

Six Flags' obligations to accept any SFI Convertible Notes tendered and to pay the applicable consideration for them are set forth solely in the Offering Memorandum relating to the Convertible Note Exchange Offer and Consent Solicitation filed with the Securities and Exchange Commission (the "SEC") on Schedule TO and the accompanying Letter of Transmittal. Persons with questions regarding the Convertible Note Exchange Offer and Consent Solicitation should review the Offering Memorandum or contact Globic Advisors, Inc., the information agent for the Convertible Note Exchange Offer and Consent Solicitation, at (800) 974-5771. This news release is neither an offer to purchase nor a solicitation of an offer to sell the SFI Convertible Notes. The Convertible Note Exchange Offer and Consent Solicitation is made only by, and pursuant to the terms set forth in the Offering Memorandum, and the information in this news release is qualified by reference to the Offering Memorandum and the accompanying Letter of Transmittal. Subject to applicable law, Six Flags may amend, extend or terminate the Convertible Note Exchange Offer and Consent Solicitation.

 

The Common Stock will be issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), provided by Section 3(a)(9) of the Securities Act and the exemption from state securities law requirements provided by Section 18(B)(4)© of the Securities Act. We have made no arrangements for and have no understanding with any dealer, salesman or other person regarding the solicitation or recommendation of tenders hereunder. Any such solicitation or recommendation of tenders by persons other than Six Flags must not be relied upon by you as having been authorized by Six Flags.

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Is that good or bad?I have no clue what that said when I was reading it.I tried to understand it but I was like :huh: the whole times lol,anyone care to explain to me?Sorry I'm not to smart.

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Basically they are exchanging shares in the company for debt, and pushing back some of the debt due dates, giving them more time to make money and pay down the debts.

 

If they continue the way they have been going, they'll gradually pay down the debts.

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