Six Flags seeks bankruptcy protection
Written on June 14, 2009
NEW YORK - 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 operates a theme park in Eureka.
Six Flags says it actually had a great year in 2008 personal loans for poor credit. 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.
Today’s bankruptcy filing came after earlier plan to negotiate an out-of-court deal with creditors failed.
Filed in: management.