Six Flags goes Bankrupt
June 13, 2009 by Mark Ellis
Filed under Business
Things aren’t looking so amusing for Six Flags: the amusement park chain known very well across the United States has finally buckled under the weight of its debt and filed for Chapter 11 bankruptcy protection. The decision was made by owner Dan Snyder, who is also well known for owning the Washington Redskins.
Although Six Flags has tried for a long time to renegotiate with its lenders, this development signals the dire straits that the amusement park chain has seen thanks to a sharp drop in profits. Still, the company maintains a positive outlook and has stated that the bankruptcy protection will allow Six Flags to set up for future growth.
Under Chapter 11, Six Flags parks will still operate as normal, but behind the scenes, company leadership will pursue a restructuration that will eliminate $1.8 billion worth of debt as well as $300 million worth of preferred shareholder stock.
Six Flags Magic Mountain (Image: Flickr)
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