Six Flags emerges from Chapter 11

Giant US-based theme park operator Six Flags Entertainment Corporation has completed its balance sheet restructuring and as a result has emerged from Chapter 11 Bankruptcy.

The company, formally known as Six Flags, Inc., managed to reduce its debt of US$2.7 billion to approximately US$1 billion.

Mark Shapiro, Six Flags' President and Chief Executive, managed to retain his job in the restructure, but Chairman Dan Snyder was not so fortunate.

Shapiro explained âthis reorganisation constitutes the final step in the repositioning of Six Flags.

"Now, with the restructuring completed, the Company's opportunities are no longer limited by the legacy debt levels."

Shapiro added that the new management team, who began in 2006, have broadened the parks' audience base by improving product offerings.

Significant operational changes have also been made since 2006, including upgrading and improving the appearance and cleanliness of the parks, diversifying family entertainment offerings and improving in-park revenue by encouraging guests to stay longer and introducing high quality brands.

Improving customer service and increasing the revenue from sponsorship and licensing deals were also changes brought on by Six Flags' new management team.

An application will soon be made to list Six Flags Entertainmentâs new stock on the New York Stock Exchange.
Ashley Irvine, ThemeParkNewsDirect

17th August 2009 - 70% OF CHINESE THEME PARKS ‘IN THE RED’

16th June 2009 - SIX FLAGS FILES FOR CHAPTER 11 BANKRUPTCY

2nd June 2008 - SIX FLAGS PLANS MOVE INTO CHINA

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