Saturday, June 13, 2009

Six Flags Declares Bankruptcy

The good news: Lakewood families will still be able to enjoy the Safari and Boys night out at Six Flags. 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. Ap.


Anonymous said...

Im pretty sure Mr Simon glick is one of the main shareholders.Hope everything turns out well as he is one of the great ballei tzedakah of our times.

Hust A Shmasser? said...

Yes may Mr. Glick continue his with much Hatzlacha! The Buffs could use some money for thier new and expanded saftey patrol.

Anonymous said...

how will this help us? is the price going down??