29yrswithaGApass Posted April 9, 2009 Report Share Posted April 9, 2009 Source: AP Six Flags shares to be delisted from NYSE Six Flags shares to be delisted from New York Stock Exchange on April 20 Thursday April 9, 2009, 4:23 pm EDT NEW YORK (AP) -- Troubled theme park operator Six Flags Inc. said Thursday that its common stock and Preferred Income Equity Redeemable Shares, or PIERS, are being suspended from trading on the New York Stock Exchange. The New York-based company said trading of its shares will be suspended before the market opens on April 20. Six Flags said it does not plan to appeal the decision. The company's shares have traded below $1 since September. On Thursday, they closed at 26 cents apiece. In a related Securities and Exchange Commission filing, Six Flags said it had not met the NYSE's standard of maintaining average market capitalization and total stockholders' equity of at least $75 million over a period of 30 trading days. Last month, Six Flags said it may be forced to file for Chapter 11 bankruptcy protection if it could not complete an out-of-court restructuring of its debt and PIERS. The company has said it does not expect to have enough cash -- more than $300 million -- to redeem the PIERS by its Aug. 15 deadline. If Six Flags fails to meet that obligation, it would constitute a default under its credit facility that would allow the company's lenders to accelerate the payment schedules on their obligations. On Thursday, Six Flags said its restructuring plans include the issuance of a "significant number of shares of common stock" to holders of the company's restructured securities. The company also said it has retained financial and legal advisers to assist the company with its restructuring efforts. Upon delisting, Six Flags expects its stock and the PIERS to trade on the over-the-counter market and be quoted on the OTC Bulletin Board. "The delisting of our common stock is a byproduct of the inherited debt load on our balance sheet and the overall financial markets. In no way does it reflect the operational strength or turnaround of this company," said Six Flags President and Chief Executive Mark Shapiro in a statement. "This development will have zero impact on our park operations, the guest experience this summer or our vendor relationships." Six Flags said it expects to qualify for listing on a national securities exchange if the restructuring is successfully completed. Quote Link to comment Share on other sites More sharing options...
Yoshi Posted April 9, 2009 Report Share Posted April 9, 2009 I thought no comapnies were going to be delisted at the current time? I guess they changed that. Quote Link to comment Share on other sites More sharing options...
Mike13 Posted April 13, 2009 Report Share Posted April 13, 2009 There stock went down by .$06 today or so it's not looking good,even though I know nothing when it comes to this stuff. Quote Link to comment Share on other sites More sharing options...
nbadude44 Posted April 13, 2009 Report Share Posted April 13, 2009 To quote Homer Simpson: CRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAP CRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAP CRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAPCRAP... Quote Link to comment Share on other sites More sharing options...
Mike13 Posted April 13, 2009 Report Share Posted April 13, 2009 Can someone explain to me whats going to happen to SIX?lol Quote Link to comment Share on other sites More sharing options...
GAcoaster Posted April 13, 2009 Report Share Posted April 13, 2009 Nothing. They will no longer be listed on the NYSE but their stock will still be traded like it always was on another exchange. Business as usual. Quote Link to comment Share on other sites More sharing options...
29yrswithaGApass Posted April 20, 2009 Author Report Share Posted April 20, 2009 SIX is now SIXF.OB Quote Link to comment Share on other sites More sharing options...
GAcoaster Posted April 20, 2009 Report Share Posted April 20, 2009 Wow, it doesn't seem to have affected the stock all that much...in fact they are up on the day (so far) with their new offer to the creditors. Quote Link to comment Share on other sites More sharing options...
29yrswithaGApass Posted June 16, 2009 Author Report Share Posted June 16, 2009 For those who own or follow Six Flags stock the symbol has changed once again. SIXF.OB is now SIXFQ.OB Quote Link to comment Share on other sites More sharing options...
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