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Market News

March 2010

Mar 10 2010

Six Flags Creditors See Signs Of Merger With Cedar Faironline.wsj.com

  • Speculation of a merger between Cedar Fair and Six Flags have begun to come to light even before Six Flags has left bankruptcy
  • Representatives of Avenue Capital, who has committed to raise $450 million in equity for Six Flags, have apparently held talks with the leadership of the rival amusement park operator
  • Some bondholders speculate that a merger could greatly improve the recoveries they see from Six Flags bankruptcy case  

Mar 9 2010

Extended Stay Seeks to Exit Bankruptcyonline.wsj.com

  • Extended Stay filed a plan of reorganization on Friday proposing that its secured lenders join Paulson & Co and Centerbridge Partners to provide exit financing for the hotel chain
  • Paulson & Co and Centerbridge will invest a total of $225 million for a 22.5% stake in the company, while the holders of $4.1 billion in mortgage debt will receive new mortgage notes totaling $2.5 billion and a 55% stake
  • Extended Stay also plans to raise $225 million through a rights offering  

Mar 8 2010

Lyondell files restructure plan, rejects Reliance bidwww.reuters.com

  • Lyondell has rejected a takeover bid by Reliance and will move forward with its own reorganization plan
  • As part of the restructuring plan, Lyondell will issue 263.9 Class B shares on the NYSE, with the offering being backstopped by Apollo, Ares and Access
  • The three private equity shops can invest $1.52 billion, $475.7 million and $805.9 million respectively

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