Six Flags Theme Park Files for Bankruptcy
Since I’m not a big fan of roller coasters and other theme park rides, the fact that Six Flags recently filed for bankruptcy doesn’t really bother me.
Six Flags had been staving off the looming bankruptcy, trying to negotiate its increasing debt outside of court with private lenders. However, when they couldn’t reach an agreement, they had no choice but to file for bankruptcy in a Delaware court early Saturday morning.
The New York Times reports that Six Flags had a staggering $2.4 billion in debt and faced a payment of $300 million to preferred stockholders this August. Though the newly-installed management team has done a great job of cutting Six Flags’ net losses over the past 2 years, it wasn’t enough to counterbalance a 24% drop in revenue. And, because of the credit markets still largely frozen, Six Flags had a difficult time trying to offload their debt.
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