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 This material may not be published, broadcast, rewritten, or redistributed.
Chris
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