Associated Press | Bondholders who have been fighting over
control of Six Flags have agreed on a revised bankruptcy reorganization
plan for the theme park operator. Under the agreement announced
Wednesday, holders of junior notes issued by holding company Six Flags
Inc. will assume control of the New York company.

Holders of senior secured notes issued by Six Flags’ operating subsidiary would have received about 93 percent of the equity in the reorganized company under an earlier proposal. Under the new plan, they will be paid $470 million in cash by the Six Flags Inc. noteholders to satisfy their claims.

Thomas Lauria, an attorney for the Six Flags Inc. noteholders, says all other creditors will be paid in full by the group, which put together a financing package to offer an alternative reorganization plan.