Six Flags files for Chapter 11 bankruptcy

[Tgump]

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 an 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.

http://www.huffingtonpost.com/2009/06/13/six-flags-files-for-bankr_n_215206.html



Add it to the list.

 

[The Riddler_]

Heard they would months back. Sucks they did. White water is also gone too ='(

 

[Gadsden]

White water is also gone too ='(

What do you mean? I don't live in Atlanta anymore. Are they shutting White Water down?

 

[333]

DAMNIT!!!!!!!!!!! Only fun place to go this summer... ruined.

 

[arevalo2k]

Don't you Americans have King's Island etc still around? Wonderland is still here.

 

[dam prayer noobs]

Let them go bankrupt. I'll be so pissed if the government bails them out only for them to go bankrupt again.

 

Fuck six flags and their long ass lines

 

[The Riddler_]

What do you mean? I don't live in Atlanta anymore. Are they shutting White Water down?

White Water was owned by Six Flags =( Sadly, it will go under also.

Let them go bankrupt. I'll be so pissed if the government bails them out only for them to go bankrupt again.

Kay.

Fuck six flags and their long ass lines

L

How relevant.

 

Can any of you guys read?

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.

The parks aren't physically closing down only reorganizing. Last year Six Flags made 275 million, but ended up paying 175 million in interest expenses.

 

[MegaMatt]

I was surprised to see that Darien Lake wasn't part of Six Flags anymore
(I go there almost every year, checked the website a few months ago)