Six Flags: The Bankruptcy Roller-coaster

What valuation should be placed on Six Flags as part of its bankruptcy proceedings?
Marco Di Maggio, Barry Ridings  | Fall 2015
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In 2009 Six Flags filed for bankruptcy protection when it could not service several billion dollars of debt. Over the course of the next year, the plan was amended as creditors considered how to best protect their payouts. As part of the process, a group of senior unsecured creditors hired an investment bank to arrive at an independent valuation of the company. In this case, students are presented with the financials of Six Flags and its competitors, the proposed restructuring plan, and comp transaction data and are asked to consider the best approach to valuation.

Case ID: 160302
Supplemental Materials: Excel Spreadsheets , Student Dataset

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