Six Flags files Chapter 11
The Associated Press
Published: June 13, 2009
Updated: 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 says it actually had a great year in 2008. 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.
Saturday’s bankruptcy filing came after an earlier plan to negotiate an out-of-court deal with creditors failed.
Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.
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Reader Reactions
Gee ain’t the all mighty Obama going to bail them out after all it’s for the POOR children !
Bob Cumberland
That’s the one! I just couldn’t remember the name, and I couldn’t find it right away. Thanks!
Smitty the other one is Lake Compounce it is in Bristol Ct. I’ve never been but many people like it.
If you rather go to an older style amusement park, there are two in New England that are still running. One is Canobie Lake Park in Salem, NH and the other is just to the south and west of Hartford, CT., I believe.
Lincoln Park in Massachusetts and Rocky Point in Rhode Island were both in ‘financial difficulties’ due to the high costs of liability insurances that their respective states mandated for public safety.
As a matter of fact, Lincoln park closed down twice. The first time, when the Collins family closed it, then they sold it to a group of people who ran it for one year and then went under. There just wasn’t enough people going to those parks every day, and the prices for admission were going up, driving more away.
Back then was the beginning of the ‘sue happy’ years which are still going on.
I miss Rocky Point. I just hope this does not effect the safety of the rides.
i miss “Riverside” park before six flags took it over and jacked up the prices, serves them right for ripping people off so much, iam going to busch gardens anyways iam sick of six flags new england.
wishing six flags luck , money hungry people
Isn’t this pretty much what happened to Lincoln Park (the amusement park, not the race track) and Rocky Point before they closed; they were facing financial difficulties? Sure, executives say now that this won’t affect the operations of amusement parks in the U.S. and Canada but what song will they be singing next year? And before other posters tell me to go back and read the story, I have; I am reading between the lines.
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