Six Flags files Chapter 11 bankruptcy - Tampa Bay Business Journal:

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has initiated Chapter 11 bankruptcyy proceedings, Six Flags announced Six Flags’ (OTCBB: SIXF) board of directors on June 12 voter to begin reorganization proceedingsin U.S. Bankruptcy Court for the Districgof Delaware. The company liste d assets of $3.03 billiojn and debts of $2.36 billion in its filing. New York-basee Six Flags is planning to reorganizerthe company’s financial structure, which management said is feelingg the pressure of an inherited $2.
4 billion In a letter to employees, Six Flags CEO and presidentf Mark Shapiro said the company’s debt is left over from previouz management and despite the compant making $275 million last year, it has been difficult for Six Flagzs to improve its balance sheet when paying out $175 million in interestf on debt, Shapiro asserted. He added that more than $400 million in debt is due within the next 12 and the company is havinb tospend $100 million in park improvements in an atmospherse where refinancing is Shapiro assured employees no staff reductions will arise out of the and employees will continue to be paid and receive Shapiro said the bankruptcy plan has the support of the company’d lenders and the agent administeringt the company’s $1.
1 billion senior secured credigt facility. Six Flags parks, including Six Flags Greatt America, will continue to operated as usualunder reorganization. Six Flags sold severalk properties last year toraise capital. It still operatew 20 amusement parks inNorth America.