Six Flags Goes Under; Seeks Chapter 11 Protection
Saturday, June 13, 2009 9:58
Six Flags, the world’s largest regional amusement-park company, is seeking chapter 11 bankruptcy protection. The company says it has to restructure and/or default on $1.8 billion of debt. Today’s bankruptcy filing came after a failed attempt to renegotiate with creditors.
The company did not have ample liquidity to make a $288 million payment due preferred shareholders this August, along with $31 million in unpaid dividends. Six Flags had been suffering as consumers pulled back on luxury spending. Record fuel prices, plunging consumer confidence and deteriorating credit markets weighed on Six Flags’ balance sheet.
The company’s common stock has traded below $1 since September and closed at 26 cents on Friday.
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Six Flags Goes Under; Seeks Chapter 11 Bankruptcy Protection | Charting Stocks « Bonehaid’s says:
June 13th, 2009 at 10:14 pm
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