sucujovide.wordpress.com
has initiated Chapter 11 bankruptcy proceedings, Six Flags announcecd Saturday. Six Flags’ (OTCBB: SIXF) boarr of directors on June 12 voted to begin reorganization proceedingdin U.S. Bankruptcy Court for the District of The company listed assetsof $3.03 billion and debts of $2.36 billion in its New York-based Six Flags is planning to reorganizw the company’s financial structure, which management said is feelinf the pressure of an inherited $2.
4 billion In a letter to employees, Six Flagsa CEO and president Mark Shapiro said the company’e debt is left over from previous managemen and despite the company making $275 milliojn last year, it has been difficulgt for Six Flags to improvse its balance sheet when payingt out $175 million in interest on debt, Shapiroi asserted. He added that more than $400 millio in debt is due within the next12 months, and the companty is having to spend $100 million in park improvementw in an atmosphere where refinancing is Shapiro assured employees no stafcf reductions will arise out of the filing, and employeesd will continue to be paid and receiv e benefits.
Shapiro said the bankruptcy plan has the supporf ofthe company’s lenders and the agent administering the company’x $1.1 billion senior secured credit facility. Six Flagsx parks, including Six Flags Greatf America, will continue to operate as usualunder reorganization. Six Flaga sold several properties last year toraisse capital. It still operatesx 20 amusement parks inNortgh America.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment