This Week's Corporate LOSERS...

How would like to work for one of these disorganized organizations. Sometimes,goes to show that a change in management doesn't always mean a change in the 'smarts'


Do I get a Refund?
SIX FLAGS -- The creditors’ committee for theme- park operator Six Flags Inc. filed a motion yesterday proposing that the bankruptcy judge order the warring factions into mediation before they embark on a contested two-week confirmation scheduled to begin March 8.

Blockbuster should be on the 'BLOCK'
BLOCKBUSTER -- Blockbuster Inc., the movie rental chain, didn’t sufficiently profit from this month’s bankruptcy reorganization filing by competitor Movie Gallery Inc. to avoid being tagged by S&P yesterday as “vulnerable to default.”

A Horse With No Name...
MAGNA ENTERTAINMENT -- Racetrack owner Magna Entertainment Corp. filed a reorganization plan this morning and scheduled a March 23 hearing for approval of the explanatory disclosure statement.

The Chapter 11 plan will implement a settlement announced in January with the official unsecured creditors’ committee. The compromise calls for unsecured creditors to receive at least $96.5 million while the existing owners are to retain Santa Anita and Golden Gate Fields in California and Gulfstream Park in Florida.

They burned $30MM in a month? NAY!
CHEMTURA CORP, a specialty-chemical manufacturer, reported a $7 million operating loss and a $20 million net loss in January on $147 million in net sales. Interest expense and reorganization items in the month totaled $11 million, according to the operating report filed with the bankruptcy court.

Chemtura consumed $29 million of cash during the month, with $30 million cash burned in operations.

Can I get my car out of repo?
PARKING COMPANY OF AMERICA Airports LLC, the operator of off- airport parking facilities at 31 sites near 20 major airports, filed a Chapter 11 plan this week calling for a going-concern sale of the assets after holding an auction.

The PCAA companies, owned by Macquarie Infrastructure Co. LLC, want the bankruptcy court to require bids by April 14, followed by an auction on April 20.

I think it's the Cheese...
UNO Restaurant Holdings Corp., the operator of 99 Uno Chicago Grill casual-dining restaurants, received final approval yesterday for $52 million in financing after agreeing that unsecured creditors can receive up to $l.75 million toward claims totaling up to $12.5 million.

The old BALLY CROWD?
MIDWAY GAMES INC, the creator of “Mortal Kombat” and other video games, is aiming to have a hearing on March 23 for approval of a disclosure statement explaining a liquidating Chapter 11 plan. In its seventh motion for an extension of the exclusive right to propose a plan, the company says it is in the “final stages” of drafting and negotiating with the creditors’ committee.