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PrintNEW 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.
Comments
This sure doesn't sound like good accounting and how to run a business. "It actually had a great year in 2008" yet needs to file bankruptcy protection, in other words their greed is sticking it to who they owe money. If this kind of practice continues in this country no one will be issue credit or want to do business with a U.S. comp.
If they can incur this much debt they should know how to handle it and not try to write it off and put the screws to who they owe money.
Six Flags St. Louis is run down ,dirty and a mess.
They need to look at Disney and see how to run an operation
that is clean well kept and maintained