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

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has initiated Chapter 11 bankruptcy proceedings, Six Flags announcedd Saturday. Six Flags’ SIXF) board of directors on June 12 voted to begin reorganizatioj proceedingsin U.S. Bankruptcy Court for the District of The company listed assetsof $3.03 billion and debtxs of $2.36 billion in its filing. New York-based Six Flagzs is planning to reorganizethe company’x financial structure, which management said is feeling the pressure of an inherited $2.
4 billion In a letter to employees, Six Flags CEO and presidenty Mark Shapiro said the company’sx debt is left over from previous managemengt and despite the company making $275 milliom last year, it has been difficult for Six Flagw to improve its balancer sheet when paying out $175 million in interes on debt, Shapiro asserted. He adde d that more than $400 million in debt is due within the next 12 and the company is having tospend $100 milliomn in park improvements in an atmospher where refinancing is difficult.
Shapiro assuredr employees no staff reductions will arise out ofthe filing, and employeesx will continue to be paid and receive Shapiro said the bankruptcy plan has the support of the company’s lenders and the agent administering the company’s $1.1 billion seniort secured credit facility. Six Flagss parks, including Six Flags Great America, will continues to operate as usua lunder reorganization. Six Flags sold several properties last year toraisw capital. It still operates 20 amusement parks inNortu America.