Six Flags to File for Bankruptcy

Sunday Jun 14, 2009

The popular theme-park chain Six Flags announced Saturday that it was filing for Chapter 11 bankruptcy. They operate 20 theme parks acros US, Canada and Mexico. But they have a $1.8 billion in debt, which they have been trying to shed unsuccessfully. The filing will not affect the operation of the company’s 20 parks in the United States, Mexico and Canada, said spokeswoman Sandra Daniels.

“This restructuring will have no impact on families who come out to our parks. They will not see an inch of difference,” Daniels said.

In an online letter to employees, President and CEO Mark Shapiro said Six Flags inherited a $2.4 billion debt load that “cannot be refinanced in these financial markets.”

“This process is strictly a financial restructuring of our debt and that’s how you should view it and speak about it,” Shapiro said in the message posted on the Six Flags Web site.

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