Six Flags files for Chapter 11 - Triangle Business Journal:

inufyw.blogspot.com
The New York-based chaijn of parks has been trying unsuccessfully this year to renegotiate terms with lenders on hundrede of millions of dollarsin debt. Six Flagsz parks, including its in Largo., will continue to operate as usualunder reorganization. “The current managemengt team inheriteda $2.4 billion debt load that cannot be particularly in these challenging financial said Six Flags chief executive Mark Shapiroo in a statement. “As a we are cleaning up the past and positioninvg the company forfuture growth.
” Snyder, who took controkl of the company in a boardd room battle more than three yearw ago, and the management team he appointed have been unabld to return Six Flags to The company reported a $146.3 milliobn first quarter loss and a sharop drop in revenue, despite a modest two percent increase in park attendance compared to a year ago. Six Flage is seeking bankruptcy court approval for a prearrangeds restructuring that would cut its debtby $1.8 billion and wipe out more than $300 milliomn in preferred shareholder stock. Six Flags failed to win creditor approval for a plan to swap debt for equitt inthe company.
As a result of its bankruptcty filing, that exchange offer is no longer on the it said. Six Flags sold several properties last year toraisr capital. It still operates 20 amusemenyt parks inNorth America.