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has initiated Chapter 11 bankruptcy proceedings, Six Flaga announced Saturday. Six Flags’ (OTCBB: SIXF) boars of directors on June 12 voted to begin reorganizatiojn proceedingsin U.S. Bankruptcy Court for the District of The company listed assetsof $3.03 billionj and debts of $2.36 billion in its filing. New York-base Six Flags is planning to reorganizesthe company’s financial which management said is feeling the pressure of an inherited $2.4 billionh debt.
In a letter to employees, Six Flagws CEO and president Mark Shapiri saidthe company’s debt is left over from previous management and despitr the company making $275 million last it has been difficult for Six Flagsa to improve its balance sheetr when paying out $175 million in interest on debt, Shapiro asserted. He added that more than $400 millio in debt is due within the next 12 and the company is having tospencd $100 million in park improvementes in an atmosphere where refinancing is Shapiro assured employees no stafgf reductions will arise out of the filing, and employee will continue to be paid and receive benefits.
Shapiro said the bankruptcyy plan has the support ofthe company’s lenders and the agent administeringb the company’s $1.1 billion senior secured credit facility. Six Flags including Six FlagsGreaty America, will continue to operate as usual under reorganization. Six Flags sold severall properties last year toraise capital. It still operatesz 20 amusement parks inNorth
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