Six Flags CEO Says Debt Holder Won't Talk

NEW YORK (AP) — A key holder of Six Flags Inc.'s debt is holding up negotiations to restructure the debt, the theme park operator's president and chief executive told investors Monday.

CEO Mark Shapiro did not name the debt holder, which he said holds a "significant amount" of the company's senior notes due in 2010. But he said it "has refused to meet" to renegotiate the debt.

The New York-based company said in its annual report last week that a bankruptcy protection filing is possible if it doesn't restructure its debt.

The company's first looming obligation is to holders of its preferred income redeemable shares, or PIERS, which will be due more than $300 million when the shares mature on Aug. 15.

Six Flags has said it does not expect to have enough cash to meet that obligation.

"We simply can't refinance our debt with the markets being what they are and we can't sell excess real estate in this environment and expect to get something even close to full value," Shapiro said.