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Author Topic: Six Flags files for bankruptcy protection  (Read 892 times)
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Miss Mia
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« on: June 13, 2009, 05:35:18 pm »

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Six Flags files for bankruptcy protection
CEO says the move won't affect the operation of its U.S. theme parks



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.

I worked at Six Flags Over Texas for three seasons in high school.  It was then I determined that metal detectors must lower your IQ by at least 25 pts. 
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