The Six Flags Agenda for First Day Hearing looks straight forward enough. The first day motions reveal nothing startling. But when you read the Affidavit of Jeffrey Speed in Support of First Day Pleadings (the “Speed Affidavit”), you get the sense that this bankruptcy has the potential to have twists and turns rivaling a Six Flags roller coaster.  The Speed Affidavit reveals that the bankruptcy filing followed the failure of an offer to holders of certain Six Flags unsecured notes to exchange equity in Six Flags for the debt owned by such holders (the “Exchange Offers”). The Exchange Offers required that at least 95% of the outstanding principal amount of the Unsecured Notes and the Convertible Notes be validly tendered for exchange by May 28, 2009. On May 29, 2009, the Six Flags extended the tender deadline to June 12, 2009. However, the exchange offer failed to garner the required support and one day later the Debtors filed for bankruptcy.

The Speed Affidavit succinctly describes the purpose of the Debtors’ bankruptcy as a “speedy and decisive restructuring of the Debtors’ balance sheet… .” This appears to be shorthand for compelling the dissident unsecured note holders to accept the note to equity conversion plan they rejected outside of bankruptcy. It appears that Six Flags has the support of the secured lender as well as approximately 50 percent of the holders of the unsecured notes.

Much will be revealed in the first 5 days of this bankruptcy. If the unsecured note holders want to fight, they likely will come out swinging.

Listed below are the 13 first day motions.

1.    Motion for an Order Directing the Joint Administration [Docket No. 3]
2.    Motion for an Order Authorizing (I) Continued. Use of Existing (A) Cash Management System, (B) Bank Accounts, (C) Business Forms, and (D) Deposit and Investment Guidelines, and (II) Continuation of Intercompany Transactions with Non-Debtor Affiliates, and (III) According Administrative Status to all Postpetition Intercompany Claims [Docket No. 6]
3.    Motion for Entry of Interim and Final Orders Establishing Adequate Assurance Procedures with Respect to Utility Providers [Docket No. 11]
4.    Motion for Authorization to Pay Prepetition Employee Wages, Benefits, Business Expenses, and Related Items [Docket No. 13]
5.    Motion for Authorization to (A) Maintain Certain Customer Programs and (B) Honor or Pay Related Prepetition Obligations to Their Customers [Docket No. 4]
6.    Motion for Authorization to Pay Certain Prepetition Taxes [Docket No. 9]
7.    Motion for Entry of Interim and Final Orders Under Section (I) Establishing PACA and PASA Trust Claim Procedures and (II) Authorization Payment of Valid PACA and PASA Trust Claims [Docket No. 8]
8.    Motion for Authorization to: (I) Make Installment Payments Under Prepetition Insurance Premium Finance Agreements;  (II) Continue Prepetition Insurance Programs in the Ordinary Course of Business; and (III) Pay all Prepetition Obligations in Respect Thereof [Docket No. 10]
9.    Motion for an Order Confirming the Administrative Expense Priority Status of the Debtors’ Undisputed Obligations for the Postpetition Delivery of Goods and Services and Authorizing Payment of Section 503(b)(9) Claims in the Ordinary Course, and Authorizing Payment to the Debtors’ Licensees [Docket No. 7]
10.    Motion for an Order Authorizing the Debtors and Debtors in Possession to Pay Prepetition Claims of Certain Foreign Vendors, Shippers, Warehousemen, and Other Lien Claimants and for Related Relief [Docket No. 16]
11.    Motion for Interim and Final Orders Authorizing the Payment of Certain Prepetition Claims of Critical Vendors [Docket No. 5]
12.    Motion of Debtors and Debtors in Possession for an Order Appointing Kurtzman Carson Consultants LLC as Claims, Noticing and Balloting Agent, and Approving the Form and Manner of Notice of Section 341 Meeting [Docket No. 15]
13.    Debtors’ Motion for Interim and Final Orders Approving Nunc Pro Tunc to the Petition Date Restrictions on Certain Transfers of Interests in the Debtors’ Estates and Establishing Notification Procedures Relating Thereto [Docket No. 12]

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