Six Flags plan would hurt unsecured creditors

* Plan leaves secured lenders with 92 pct stake - filing

* Unsecured creditors would get 8 pct stake - filing

* Management likely to survive restructuring - analysts

By Deepa Seetharaman

NEW YORK, June 15 (Reuters) - A plan outlined by Six Flags Inc SIXF.OB on Monday would leave secured lenders with the lion's share of the theme park operator when it emerges from bankruptcy, while unsecured lenders would get very little.

In a securities filing, Six Flags said credit obligations to secured lenders would be paid in full by new term loans and a 92 percent equity stake in the company. The secured lenders will also own $600 million of the company's debt.

Holders of the company's unsecured debt would get an 8 percent stake in the restructured company -- far less than was outlined in a previous out-of-court restructuring plan in March.

"The unsecured holders would get far less recovery than they would have expected," said Christopher Snow, an analyst with CreditSights. "The management team put forth a plan that arguably serves to benefit the management and secured lenders at the expense of the unsecured lenders."

New York-based Six Flags filed for Chapter 11 bankruptcy protection Saturday morning, a move that was widely expected by analysts and industry experts. The filing followed months of negotiations with bondholders and a failed attempt to convert debt to equity.