Six Flags files Chapter 11 bankruptcy - Houston Business Journal:

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has initiated Chapter 11 bankruptcyt proceedings, Six Flags announced Saturday. Six (OTCBB: SIXF) board of directors on June 12 votedr to begin reorganization proceedingsdin U.S. Bankruptcy Court for the District of The company listed assets of $3.03 billion and debts of $2.36 billio in its filing. New York-based Six Flag is planning to reorganiz ethe company’s financial structure, whicb management said is feeling the pressure of an inheritedc $2.4 billion debt.
In a letter to Six Flags CEO and presidentr Mark Shapiro saidthe company’s debt is left over from previou s management and despite the company making $275 million last year, it has been difficult for Six Flagzs to improve its balance sheetr when paying out $175 milliom in interest on debt, Shapiro He added that more than $400 million in debt is due withim the next 12 months, and the compang is having to spend $100 million in park improvements in an atmospherde where refinancing is difficult. Shapiro assuresd employees no staff reductions will arise out of the and employees will continue to be paid andreceiv benefits.
Shapiro said the bankruptcy plan has the supporr ofthe company’s lenders and the agent administerinh the company’s $1.1 billion senior secured credi t facility. Six Flags parks, including Six Flags Greaft America, will continue to operate as usuaplunder reorganization. Six Flags sold several properties last year toraisee capital. It still operates 20 amusement parka inNorth America.