SIX FLAGS ENTERTAINMENT CORPORATION Item 1.01 Entry into a Material Definitive Agreement
On
In connection with the Third Amendment, the Company agreed to extend the
previously effectuated agreement to not make any restricted payments, including
the repurchase of equity securities and the payment of cash dividends, subject
to certain exceptions, until the earlier of
The above summaries of the material terms of the Third Amendment do not purport to be complete and are qualified in their entirety by reference to the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 7.01 Regulation FD Disclosure
On
Cautionary Information Regarding Forward-Looking Statements
This Current Report on Form 8-K contains statements that may
constitute forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements other than statements of historical fact
could be deemed forward-looking. These statements may involve risks and
uncertainties that could cause actual results to differ materially from those
described in such statements. These risks and uncertainties include, among
others, (i) the timing and conditions under which we may reopen our closed parks
and our expectations regarding the continued operations of our reopened parks,
(ii) the operation of our parks in light of the global coronavirus pandemic
("COVID-19") following their anticipated reopening including, among other
things, the effectiveness of cost-saving and health and safety measures
implemented in response to COVID-19, (iii) the adequacy of cash flows from
operations, available cash and available amounts under our credit facilities to
meet our liquidity needs, including in the event of a prolonged closure of one
or more parks, (iv) our ability to improve operating results by adopting and
implementing a new strategic plan, including strategic cost reductions and
organizational and personnel changes, without adversely affecting our business,
(v) our plans and ability to roll out our capital enhancements and planned
initiatives in a timely and cost effective manner, (vi) the extent to which
having parks in many geographical locations protects our consolidated results
against the effects of adverse weather and other events, (vii) our ongoing
compliance with laws and regulations, and the effect of and cost and timing of
compliance with newly enacted laws, regulations and accounting policies, (viii)
our expectations regarding the cost or outcome of any litigation or other
disputes, (ix) our annual income tax liability and the availability of net
operating loss carryforwards and other tax benefits, (x) our expectations
regarding uncertain tax positions, (xi) our expectations regarding our deferred
revenue growth, and (xii) the risk factors or uncertainties listed from time to
time in the Company's filings with the
conditions, natural disasters, contagious diseases, including the COVID-19, or
the perceived threat of contagious diseases, events, disturbances and terrorist
activities; regulations and guidance of federal, state and local governments and
health officials regarding the response to COVID-19, including with respect to
business operations, safety protocols and public gatherings (such as voluntary
and in some cases, mandatory, quarantines as well as shut downs and other
restrictions on travel and commercial, social and other activities); political
or military events; recall of food, toys and other retail products sold at our
parks; accidents or contagious disease outbreaks occurring at our parks or other
parks in the industry and adverse publicity concerning our parks or other parks
in the industry; availability of commercially reasonable insurance policies at
reasonable rates; inability to achieve desired improvements and financial
performance goals set forth in our aspirational goals; adverse weather
conditions such as excess heat or cold, rain and storms; general financial and
credit market conditions, including our ability to access credit or raise
capital; economic conditions (including customer spending patterns); changes in
public and consumer tastes; construction delays in capital improvements and ride
downtime; competition with other theme parks, waterparks and entertainment
alternatives; dependence on a seasonal workforce; unionization activities and
labor disputes; laws and regulations affecting labor and employee benefit costs,
including increases in state and federally mandated minimum wages, and
healthcare reform; environmental laws and regulations; laws and regulations
affecting corporate taxation; pending, threatened or future legal proceedings
and the significant expenses associated with litigation; cybersecurity risks and
other factors could cause actual results to differ materially from the Company's
expectations. Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance that such
expectations will be realized and actual results could vary materially.
Reference is made to a more complete discussion of forward-looking statements
and applicable risks contained under the captions "Cautionary Note
Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual
and Quarterly Reports on Forms 10-K and 10-Q, and its other filings and
submissions with the
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Third Amendment to Second Amended and Restated Credit Agreement,
dated as of
99.1 Press Release of
104 Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document)
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