Six Flags Seeks Reorganization Under Chapter 11 Bankruptcy

Amusement park operator Six Flags, Inc. has filed for Chapter 11 bankruptcy protection.

Six Flags began the reorganization process in the U.S. Bankruptcy Court after its board of directors voted on June 12.  In its bankruptcy filing, the company listed assets of $3.03 billion and debts of $2.36 billion.

In a letter to employees, Six Flags CEO and president Mark Shapiro said the debt was left over from previous management and, despite the company's profit of $275 million last year, it has been difficult for the company to improve its balance while trying to paying $175 million in interest on debt.  Shapiro also said the company owes more than $400 million within the next year, and that it has to spend $100 million in park improvements.

The company said that no employees will be laid off or fired as a result of the bankruptcy filing, and that all 20 of the amusement parks will continue day-to-day operations as usual.

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