Six Flags Declaring Bankruptcy

[lovebelle]

I have heard on another forum that six flags has gone bankrupt. Can anyone tell me if this is true?

 

[eduk8r26]

They've filed Chapter 11, but it shouldn't affect the parks.

 

[lovebelle]

They've filed Chapter 11, but it shouldn't affect the parks.

What does that mean?

 

[StageTek]

What does that mean?

It means that the comapny is doing a financial
restructuring of their debt.

“The current management team inherited a $2.4
billion debt load that cannot be sustained,
particularly in these challenging financial markets,”
said Six Flags Chief Executive Mark Shapiro in a
statement. “As a result, we are cleaning up the
past and positioning the company for future growth.”

He said the Chapter 11 filing would have no impact
on day-to-day operations of the corporation's 20
theme parks.