The New Coney Island - Brooklyn's Times Square by the Sea

Sunday, June 14, 2009

Six Flags declares bankruptcy

NY Times excerpt -

Six Flags, the theme park operator, filed for bankruptcy early Saturday in Delaware after failing to reach an agreement with lenders to reorganize its debt.

Six Flags is the latest company to prove unable to cope with its debt load at a time when previous solutions like refinancing are largely unavailable. The theme park operator, which had $2.4 billion in debt, faced nearly $300 million in payments to preferred stockholders due in August.

In a statement, Six Flags said it was seeking court approval for a restructuring plan it had already negotiated, which has the unanimous approval of its lenders. That proposal would eliminate $1.8 billion in debt and slice off the $300 million in preferred stock payments.

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