SDCFans - The Unofficial Fan Site For Silver Dollar City
General Category => Other Parks => Topic started by: KBCraig on June 13, 2009, 10:12:58 AM
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http://apnews.myway.com/article/20090613/D98PQN882.html
Jun 13, 9:37 AM (ET)
NEW YORK (AP) - 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.