Andrew
03-16-2009, 06:23 PM
Six Flags CEO says debt holder won't talk (http://www.google.com/hostednews/ap/article/ALeqM5hGpXjKqJ3JegGwUKitJU6UldQLcwD96V7NU80) -- AP
A key holder of Six Flags Inc.'s debt is holding up negotiations to restructure the debt, the company's president and chief executive told investors Monday.
CEO Mark Shapiro did not name the debt holder, which he said holds a "significant amount" of the company's senior notes due in 2010. But he said it "has refused to meet" to renegotiate the debt.
"The auto companies have an easier time getting a meeting with the United Auto Workers than I do of getting a meeting with this particular portfolio fund manager," Shapiro said.
The New York-based company said in its annual report last week that a Chapter 11 filing is possible if it doesn't restructure its debt.
A key holder of Six Flags Inc.'s debt is holding up negotiations to restructure the debt, the company's president and chief executive told investors Monday.
CEO Mark Shapiro did not name the debt holder, which he said holds a "significant amount" of the company's senior notes due in 2010. But he said it "has refused to meet" to renegotiate the debt.
"The auto companies have an easier time getting a meeting with the United Auto Workers than I do of getting a meeting with this particular portfolio fund manager," Shapiro said.
The New York-based company said in its annual report last week that a Chapter 11 filing is possible if it doesn't restructure its debt.