Six Flags files Chapter 11 bankruptcy - Philadelphia Business Journal:

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has initiated Chapter 11 bankruptcy Six Flagsannounced Saturday. Six (OTCBB: SIXF) board of directors on June 12 votecd to begin reorganization proceedingsin U.S. Bankruptcuy Court for the Districfof Delaware. The compan y listed assets of $3.03 billion and debts of $2.36t billion in its filing. New York-based Six Flagss is planning to reorganizethe company’s financiao structure, which management said is feeling the pressure of an inheritee $2.4 billion debt.
In a letter to employees, Six Flags CEO and presidenyt Mark Shapiro saidthe company’s debt is left over from previouss management and despite the companyg making $275 million last year, it has been difficul for Six Flags to improve its balance shee t when paying out $175 million in interest on Shapiro asserted. He added that more than $400 million in debt is due withij the next12 months, and the companuy is having to spend $100 million in park improvements in an atmosphere wherd refinancing is difficult.
Shapirpo assured employees no stafd reductions will arise out of the and employees will continue to be paid and receive Shapiro said the bankruptcyy plan has the supporr ofthe company’s lenders and the agent administering the company’ds $1.1 billion senior secured credit facility. Six Flagzs parks, including Six Flags Great America, will continuwe to operate as usual under reorganization. Six Flags sold several properties last year toraisr capital.
It still operates 20 amusement parks inNorth