Six Flags releases 2009 financing arrangements

Six Flags, Inc. yesterday released a statement announcing that, by the end of the 2009 "put" period on April 28, 2009, the company had received "put" notices from holders of units in the limited partnerships that own the Six Flags Over Texas and Six Flags Over Georgia parks, including Six Flags White Water Atlanta (the "Partnership Parks"), with an aggregate "put" price of approximately $66 million. Six Flags is required to purchase these units by May 15, 2009.

The general partner of the Georgia limited partnership has elected to purchase 50% of the Georgia units that were "put" for a total purchase price of approximately $7 million. Six Flags intends to fund "puts" totaling $6 million with cash that is currently in escrow for the benefit of subsidiaries of Time Warner Inc. in connection with Six Flags' obligations related to the Partnership Parks.

Although not required by the existing arrangements with subsidiaries of Time Warner Inc. concerning the Partnership Parks, a subsidiary of Time Warner Inc. has committed to provide a loan for the remaining approximately $53 million to enable Six Flags to fund the 2009 "put" obligations. The committed financing has a maturity of March 2011. The financing commitment is subject to customary conditions and there can be no assurance that Six Flags would be able to obtain alternative funding to finance these "put" obligations on or prior to May 15, 2009.