Six Flags Files For Bankruptcy

Bankruptcy Six Flags The financial rollercoaster for the New York-based company has come to an end as it tries to shed almost 2 billion in debt.

by Associated Press

Published: Sat, June 13, 2009 - 1:30 pm CST Last Updated: Sat, June 13, 2009 - 1:36 pm CST

NEW YORK (AP) - The amusement park company Six Flags says it has
filed for bankruptcy.
The New York-based operator of 20 theme parks in the U.S.,
Mexico and Canada said Saturday that the filing in a federal
bankruptcy court in Delaware is part of its plan to reorganize and
shed $1.8 billion worth of debt.
Company CEO Mark Shapiro said the move won't effect the
day-to-day operations of the parks.
Six Flags said it actually had a great year in 2008. It saw 25
million visitors and posted record revenues.
However, it said it needed to do something about its crushing
debt load.
An earlier plan to work out an out-of-court deal with creditors
wasn't successful.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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minimay87 Says:

Sun, Jun 14, 2009 at 7:39 am

I hope we do not have to pay for them to get out of bankruptcy like we did for GM. Shouldn’t we all be expecting a new car to be pulling up in our driveways for the amount of money that we bailed them out of. Nope. They will not think twice about it either. As if we owe it to them. I think that it was Ford that has had some financial problems but is the only car company that has never taken the money from the people. They have been offered the same deal that GM was, but never take it. At least I think it was Ford. Correct me if I am wrong.

carl Says:

Sun, Jun 14, 2009 at 7:30 am

Record revenues and trying to get out of paying their debts! I’m with you Claycity,I would want to see the people who ran with the money prosecuted first,before I would ok a bankruptcy.If no prosecutions then no bankruptcy allowed and the debtors take control of the company,seeing as those there now are unfit to run it.

claycitymadness Says:

Sun, Jun 14, 2009 at 7:13 am

a lot of this debt is similar to the housing market where businesses took way too much equity out of the company and saddled it with debt. now its coming home to roost. the people involved in these shams are never called to account for what they did. the beginning of this millenium will go down as the decade of self centeredness and greed.