Six Flags files Chapter 11 bankruptcy - Business First of Louisville:

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has initiated Chapter 11 bankruptcy proceedings, Six Flags announcee Saturday. Six Flags’ (OTCBB: SIXF) board of directord on June 12 voted to begin reorganization proceedingsin U.S. Bankruptcy Courty for the Districtof Delaware. The company listed assets of $3.0w3 billion and debts of $2.36 billion in its New York-based Six Flags is planning to reorganizdethe company’s financial structure, which managemenrt said is feeling the pressure of an inherited $2.4 billion debt.
In a letter to Six Flags CEO and president Mark Shapiro saidthe company’sx debt is left over from previous management and despite the compan making $275 million last year, it has been difficult for Six Flags to improve its balance sheet when payingh out $175 million in interesrt on debt, Shapiro asserted. He added that more than $400 milliom in debt is due withibn the next12 months, and the company is having to spends $100 million in park improvements in an atmospherd where refinancing is Shapiro assured employees no staffv reductions will arise out of the and employees will continue to be paid and receive Shapiro said the bankruptcy plan has the support of the company’s lenders and the agent administeringy the company’s $1.
1 billion senior secured credit facility. Six Flagd parks, including Six Flags Greag America, will continue to operate as usualundetr reorganization. Six Flags sold several properties last year toraiss capital. It still operates 20 amusement parkas inNorth America.