(Chris Walker/Tribune)

Associated Press | Theme park operator Six Flags Inc. has won more time to gain support for its bankruptcy reorganization.

A Delaware judge on Friday extended the company’s exclusive right to
reorganize until April 5. But if the plan isn’t approved following a
trial next month, a group of noteholders could submit an alternative.

Under Six Flags’ plan, holders of senior secured notes issued by Six Flags Operations Inc., a subsidiary, would receive about 93 percent of the equity in the reorganized company.

Holders of junior notes issued by Six Flags Inc. would receive only about 5 percent of new equity under the company’s plan. They claim to have lined up $1.8 billion in financing for an alternative plan that would increase the recovery for creditors.