Oct. 1 (Bloomberg) -- Preferred shareholders of Six Flags Inc. offered their own plan to reorganize the bankrupt theme park owner, claiming they can fully repay the company’s debt and give something back to shareholders, unlike two rival plans.

Resilient Capital Management LLC, which holds an undisclosed number of Six Flags’ redeemable shares, filed a proposed term sheet in U.S. Bankruptcy Court in Wilmington, Delaware, as part of its proposal.

The company brings in enough cash to justify “a plan of reorganization that returns 100 percent recoveries to all creditors,” Resilient said in court documents filed today. Shareholders would also recover something under the proposal.

Resilient and Six Flags noteholders have asked U.S. Bankruptcy Court Christopher Sontchi to end management’s exclusive right to reorganize the company without facing rival plans. The two groups can’t proceed without Sontchi’s approval.

Six Flags managers have offered a plan that would give 92 percent of the New York-based company to lenders and potentially hand company officials an equity stake.

Resilient owns preferred income equity redeemable shares, which would be exchanged for new convertible shares that paid a 6 percent dividend and could be converted into 3.5 million new shares.

Other creditors, including the company’s lenders that are first in line to be repaid $1.12 billion they are owed, would have their debt replaced with new, convertible notes. The due dates on those new notes would be extended by as long as 84 years.

Resilient and noteholders have said management’s plan doesn’t offer enough to creditors.

Six Flags filed for Chapter 11 protection from creditors on June 13, listing assets of $3 billion and debt of $2.4 billion as of Dec. 31. Thirty-six affiliates also sought protection.

The lead case is Premier International Holdings Inc., 09- 12019, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.

Last Updated: October 1, 2009 20:48 EDT