BALLY <BLY> SELLS SIX FLAGS FOR 350 MLN DLRS
Bally Manufacturing Corp said it signed
a definitive agreement to sell the stock of its Six Flags theme
park subsidiary to an affiliate of Wesray Capital Corp.
    Ccompletion of the proposed transaction is expected in
early May, it said.
    Bally said it will receive gross proceeds of 350 mln dlrs
for the Six Flags subsidiary.
    Bally said the transaction is part of its restructuring and
will result in an after tax profit of about 100 mln dlrs.
    Proceeds from the sale of Six Flags will be used for
general corporate purposes and to reduce debt, it said.
    The sale of the theme parks will also remove from Bally's
balance sheet an additional 250 mln dlrs in Six Flags debt now
carried on the Bally balance sheet, it said.
    Kidder Peabody will provide bridge financing to Wesray to
complete the proposed transaction, Bally said.
    Six Flags operates seven major theme amusement parks, two
water parks and other family oriented entertainment facilities.
    Wesray Capital is a private investment firm based in
Morristown, New Jersey.
 Reuter
