The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of Six Flags, Inc., one of the world’s largest regional theme park companies. The Committee also voted to hold an auction for Six Flags, Inc. Separately, LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Six Flags Theme Parks Inc.
On June 13, Six Flags, Inc. and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the US Bankruptcy Court for the District of Delaware.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.