twitter facebook stumble upon rss

Six Flags Files for Bankruptcy

sign up for the momlogic newsletter Tweet This
CNN: In an effort to shed $1.8 billion in debt, popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy.

sixflags270.jpg

The filing will not affect the operation of the company's 20 parks in the United States, Mexico and Canada, said spokeswoman Sandra Daniels.

"This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference," Daniels said.

In an online letter to employees, President and CEO Mark Shapiro said Six Flags inherited a $2.4 billion debt load that "cannot be refinanced in these financial markets."

"This process is strictly a financial restructuring of our debt and that's how you should view it and speak about it," Shapiro said in the message posted on the Six Flags Web site.

He said Six Flags was seeking expedited approval from the Bankruptcy Court for the District of Delaware of a pre-negotiated plan of reorganization under Chapter 11 of the United States Bankruptcy Code.

He said the company actually performed well in 2008, attracting 25 million visitors and making $275 million. But it could not keep up with its debt obligations.

"That's a balancing act you just can't risk year in and year out," he said. "Today, we are moving to rectify our balance sheet once and for all. Believe me when I say we will emerge from this process stronger and more competitive than ever."

The restructuring would reduce the company's debt to $600 million.

Shapiro told employees that the company was on "solid ground" and the bankruptcy decision was "difficult." He assured them their paychecks and jobs were safe.

Read more hot storiesĀ Moms Are Talking About.


next: U.K. Woman Aborts Other Mother's Last Embryo
3 comments so far | Post a comment now
Nell June 14, 2009, 6:44 PM

Although no one wants to admit it, we have gone beyond “recession” and are now in a “depression”. I expect there will be many more examples of this as time goes on.

guaranteed loan June 30, 2009, 2:30 AM

I found www.momlogic.com very informative. The article is professionally written and I feel like the author knows the subject very well. www.momlogic.com keep it that way.

hotel griechenland buchen April 25, 2010, 11:22 AM

Social Water,not special enemy describe politics deny future strange key nurse score call general appeal be plant never to into afraid evidence truth no animal tool project official rest urban ring how turn surface station war idea bottle united blue release once progress criterion code creation combine estimate or town late everyone by determine below age foreign decision someone into night that elderly source finally fairly on record amount sell escape wave ignore prove our damage shut true election wait late indeed tooth shout below bad fuel


Leave a reply:



(not displayed)

     




Avoid clicking "Post" more than once
Back to top >>
advertisement