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Case Notes

In: Business and Management

Submitted By harslani
Words 310
Pages 2
https://books.google.ch/books?id=IdKz66PMfk0C&pg=RA1-PT282&lpg=RA1-PT282&dq=distressed+investing+six+flag&source=bl&ots=7RDnpmnlcO&sig=No8qQ6Aor-JsLGghhBHQI0CnPqo&hl=fr&sa=X&ei=Zz1ZVcSsM8m3UaTWgMAK&ved=0CDkQ6AEwA2oVChMIhPzmiY_KxQIVyVsUCh0kKwCo#v=onepage&q=distressed%20investing%20six%20flag&f=false

http://www.distressed-debt-investing.com/2009/04/distressed-debt-analysis-six-flags.html

http://www.turnaround.org/cmaextras/2.sixflagsentertainment-paper2014.pdf

High barriers to entry
Not a failing sector
2005 investors take control-> incentives for share holders ? just spending momentanement diminuer par econo, et aussi seasonal prob flue
2009 : beginning 2.7bn debts end maturing 308mn prefferred stocks, 2010 131mn
SFTP bank
SFOinvestment firm
SFI
debt for equity pour SFI

Six flag value

http://www.turnaround.org/cmaextras/2.sixflagsentertainment-paper2014.pdf

Why rights offering : https://www.turnaround.org/Publications/Articles.aspx?objectID=8248 The reasons for bankruptcy/deteriorating performance play a role in the investment decision

The enterprise value as per management’s plan was $1.4 billion, which was down from the $1.7 billion that H Partners expected to see from Six Flags if it filed for bankruptcy.

Using comparables with leverage of 4.1 x EBITDA, 5.9 x EBITDA, and 5.5 x EBITDA, get average of 5.2 x EBITDA to use for Six Flags > With this multiple, the total debt of Six Flags = 5.2 x $213.1m = $1,108.12 million + market cap of $7,6m => EV = $1.12b (> cost of debt (better option for financing thus)

∆- mkt cap = shareholder value destruction.

Assuming a 6.0x multiple for Six Flag's recent $275M, that would translate into a value of $1.650B, which would be enough value for the existing bank lenders and the 12.25% OpCo bonds to get their principal back. Given that the OpCo is trading at 52 cents on the dollar,

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