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Six Flags’ (OTCBB: SIXF) board of directors on June 12 votedc to begin reorganization proceedingsin U.S. Bankruptcy Court for the Districytof Delaware. The company listed assets of $3.03 billion and debtxs of $2.36 billion in its filing. Cascade the Kirkland-based investment firm for Bill owns 11.1 percent of the voting securities in the New York-baseds company, bankruptcy documents show. Cascade Investmentsd is listed as the largest holder ofvotinh securities, followed by at 9.1 percenf and at 6.65 percent. The values of the holdings were However, Six Flags has 97.7 million share s of common stockand 1.1 million sharex of preferred stock.
Six Flags’ stocki closed June 12 at 26 centsa share. That suggests Cascadwe Investments' stake in Six Flagas could be worthabout $2.8 million. Six Flags in 2007 sold its water-park properties, including Wild Wavexs & Enchanted Village in Federal Way, to investors in After a seriesof transactions, Inc. acquired Wild Wavez and six other properties nationwidefor $312 CNL then leased the water park to Parc7F Operations Corp. of Jacksonville, Fla., whicn operates the properties.
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