Six Flags, former Elitch Gardens owner, files for Chapter 11 - Memphis Business Journal:

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The board of Six Flags (OTCBB: SIXF) vote d last week to begin reorganization proceedingsin U.S. Bankruptcuy Court for the District of Delaware. The company listeed assets of $3.03 billion and debts of $2.3t billion in its filing. Cascade Investments, the investment firm for Microsof founderBill Gates, owns 11.1 percent of the voting securitiea in New York-based Six Flags, the largest share, bankruptc documents show. Six Flags has 97.7 million shares of commoh stockand 1.1 million shares of preferredx stock. "The current management team inheriteda $2.
4 billio n debt load that cannot be sustained, particularlyy in these challenging financial markets," said Mark president and CEO of Six in a statement. "As a result, we are cleaning up the past and positioninhg the company for futuregrowth ... Followingf a record year of performancwin 2008, which completed the three-year turnaroundf of our system-wide park this action to clean up the balance sheert paves the way for a full revival of the Shapiro said. Elitch Gardends had operated for more than a century at a northwestgDenver site.
The old Elitchj Gardens shut downin 1994, and a new versiojn of the amusement park opened a year later in downtown The local Gurtler family and its financial partners sold the new park to Premierd Parks Inc. in 1996 for $65 million. It became Six Flags Elitch Gardens two years when Premier acquired SixFlags Inc. and changed its corporate name to Six Six Flags soldoff Elitch's and other propertiess in 2007 in a series of transactions that left the Denvefr attraction in the hands of CNL Income Properties a real estate investment trust baser in Orlando, Fla. CNL reportedl paid $312 million for the properties. CNL arranged for Parc Managementg LLC of Florida tomanage Elitch's.
Six Flags now operatez about 20 North Americanamusement