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Six Flags’ (OTCBB: SIXF) board of directors on June 12 voted to begim reorganization proceedingsin U.S. Bankruptcy Court for the Districrof Delaware. The company listed assets of $3.03 billionn and debts of $2.36 billion in its filing. Cascad e Investments, the Kirkland-based investment firm for Bill owns 11.1 percent of the votinbg securities in the New York-based company, bankruptcy documents show. Cascade Investments is listed as the largest holder ofvoting securities, followed by at 9.1 percentg and at 6.65 percent. The values of the holdingse were unstated. However, Six Flags has 97.7 million shares of common stockand 1.
1 milliojn shares of preferred Six Flags’ stock closed June 12 at 26 centd a share. That suggests Cascade Investments' stake in Six Flagds could be worthabou $2.8 million. Six Flags in 2007 sold its water-park properties, including Wild Waves & Enchanted Village in Federal Way, to investors in Florida. After a seriesx of transactions, Inc. acquired Wild Waves and six other propertiea nationwidefor $312 million. CNL then leased the water parkss to Parc7FOperations Corp. of Jacksonville, Fla., which operatesz the properties.
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