Six Flags Inc. shareholders seek to stage coup

Stark Investments--a Wisconsin-based hedge fund--has proposed an alternative to Six Flags' plan to crawl out of $2.4 billion in debt: Let the shareholders buy it. Well, most of it. The company proposes a transfer of the company's debt and the vast majority of its equity to a particular set of Six Flags shareholders. The plan was presented by the holders of more than $500 million of Six Flags notes and would transfer up to 81 percent of the company's stock to them if approved. The current restructuring plan in place would provide this same group of note holders less than 5 percent of the stock. The case is currently pending in Delaware bankruptcy court. [Bizjournals]