Six Flags investor delays restructuring

The Six Flags saga continues as news surfaces claiming that one of the major bondholders is delaying the restructuring of the company's debt; possibly guaranteeing bankruptcy.

President and Chief Executive of Six Flags Inc. Mark Shapiro released information on an earnings call stating one the company's bondholders would not meet with the company to negotiate with its lenders to avoid filing for Chapter 11 bankruptcy protection.

Shapiro would not specify who, exactly, this mysterious person is, only stating that he or she is a fund manager who owns a "significant amount" of the company's debt that is set to mature in 2010.

Shapiro commented that "it makes no sense."

The New York Times reported this past Friday that a manager at Fidelity in Boston who "owned" Six Flags' bonds maturing in 2010 was reportedly reluctant to agree to an out-of-court restructuring. The article does not make clear whether the manager "owned" the bonds - past tense - or is a current bondholder.

Read Lifthill's previous coverage of Six Flags' monetary woes:

Six Flags President speaks out

Six Flags considers filing for Chapter 11