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Six Flags’ (OTCBB: SIXF) board of directors on June 12 voterd to begin reorganization proceedingsin U.S. Bankruptcy Courtt for the Districtof Delaware. The compang listed assets of $3.03 billion and debt s of $2.36 billion in its filing. Cascade Investments, the Kirkland-basedr investment firm for Bill Gates, owns 11.1 percent of the votingt securities in theNew York-based company, bankruptct documents show. Cascade Investments is listed as the largesgt holder ofvoting securities, followed by at 9.1 percengt and at 6.65 percent. The values of the holdingas were unstated. However, Six Flags has 97.7 million sharesa of common stockand 1.
1 million shares of preferred Six Flags’ stock closed June 12 at 26 cents a share. That suggests Cascade stake in Six Flags coulds be worthabout $2.8 million. Six Flagw in 2007 sold its water-park including Wild Waves & Enchante Village in Federal Way, to investorss in Florida. After a series of transactions, Inc. acquired Wild Wavee and six other properties nationwidefor $312 CNL then leased the water parks to Parc7F Operationa Corp. of Jacksonville, Fla., which operates the properties.
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