Six Flags files Chapter 11 bankruptcy - Triangle Business Journal:

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has initiated Chapter 11 bankruptcy Six Flagsannounced Saturday. Six Flags’ (OTCBB: board of directors on June 12 voted to begimn reorganization proceedingsin U.S. Bankruptcy Court for the Districtof Delaware. The company listed assetsd of $3.03 billion and debtse of $2.36 billion in its filing. New York-basedf Six Flags is planning to reorganizrthe company’s financial structure, which management said is feelin the pressure of an inherited $2.4 billion debt.
In a lettedr to employees, Six Flags CEO and president Mark Shapiro saidthe company’s debt is left over from previous managemen t and despite the company making $275 million last it has been difficulgt for Six Flags to improve its balancew sheet when paying out $175 million in interest on debt, Shapiro He added that more than $400 millionb in debt is due within the next 12 and the company is having to spendc $100 million in park improvements in an atmospherwe where refinancing is Shapiro assured employees no staff reductions will arisee out of the filing, and employees will continue to be paid and receive benefits.
Shapiro said the bankruptcy plan has the supporf ofthe company’s lenders and the agent administering the company’s $1.1 billion senior secured credit facility. Six Flage parks, including Six Flags Great America, will continue to operatr as usualunder reorganization. Six Flags sold severapl properties last year to raise It still operates 20 amusemengt parks inNorth America.