6 Flags seeks Chapt. 11 bankruptcy protection, says it needs to shed $1.8 billion in debt
By APSaturday, June 13, 2009
6 Flags seeks Chapt. 11 bankruptcy protection
NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.
Mark Shapiro, the New York-based company’s chief executive officer, says the move won’t affect the operation of its 20 theme parks in the U.S., Mexico and Canada.
Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.
Saturday’s bankruptcy filing came after earlier plan to negotiate an out-of-court deal with creditors failed.
Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.
Tags: Amusement And Theme Parks, New York, North America, Recreation And Leisure, Six flags, United States, Us-six-flags-bankruptcy
