Six Flags Seeks Chapt. 11 Bankruptcy Protection

Six Flags Seeks Chapt. 11 Bankruptcy Protection


Six Flags seeks Chapt. 11 bankruptcy protection, says it needs to shed $1.8 billion in debt


NEW YORK June 13, 2009 (AP)
The Associated Press


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.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

I am sure the increase in attendance has a lot to do with people staying close to home during this economy rather than traveling... I, for one, enjoy Great Adventure here in NJ... But, something tells me you will see an eventual sale or closure of some of their least profitable and more expensive parks to run...

I was planning on taking a trip to Six Flags New England this summer but this news makes me wonder what they could be cutting back on in the parks...........

Quote:

---

Originally Posted by merlinmagic4

I was planning on taking a trip to Six Flags New England this summer but this news makes me wonder what they could be cutting back on in the parks...........

---

From what I know, nothing.. They are actually investing money into a lot of parks.. Doing refurbs on some of their coasters, changing the themes.. You know, investing money to make the rides better...

Quote:

---

Originally Posted by DizneyFreak2002

From what I know, nothing.. They are actually investing money into a lot of parks.. Doing refurbs on some of their coasters, changing the themes.. You know, investing money to make the rides better...

---

Oh, good! I always worry about things like ride maintenance on those big coasters. Freaks me out a bit.....glad to know they are still spending money on improving things.

Quote:

---

Originally Posted by merlinmagic4

Oh, good! I always worry about things like ride maintenance on those big coasters. Freaks me out a bit.....glad to know they are still spending money on improving things.

---

Medusa in Great Adventure NJ was changed to Bizarro (The evil Superman)... In Magic Mountain, Terminator Salvation is open, complete with FIRE!!!!!! The coaster sounds awesome...

Here at six flags new England The Superman Coaster was also changed to Bizarro (The evil Superman) and this was complete with fire and giant Jacob Ladders ( lightning bolt machines) and they are having a huge advertising blitz here in Mass about how it goes 77 mph.

Quote:

---

Originally Posted by DisneyWFan

Here at six flags new England The Superman Coaster was also changed to Bizarro (The evil Superman) and this was complete with fire and giant Jacob Ladders ( lightning bolt machines) and they are having a huge advertising blitz here in Mass about how it goes 77 mph.

---

I believe fire and pyro was added to Bizarro here in NJ too... I haven't been to GA yet to check it out though... The Six Flags commercials here are featuring Bizarro ina big way too...