Six Flags files for Chapter 11 bankruptcy

Giant American amusement park operator, Six Flags Inc., has filed for Chapter 11 bankruptcy.

The bankruptcy is due to a rising amount of debt, the retaining a debt of US$2.4 billion from previous management.

The bankruptcy will not affect day-to-day operations within the parks.

As Mark Shapiro, President and Chief Executive of Six Flags, explains "no one should be confused about what a bankruptcy process means for Six Flags.

"Following a record year of performance in 2008, which completed the three-year turnaround of our system-wide park operation, this action to clean up the balance sheet paves the way for a full revival of the company.

"Our brand and our operations are on solid ground. This process is strictly a financial restructuring of our debt. We are fully committed to ensuring that the experience of our guests this summer is totally unaffected by this restructuring process."

This announcement follows the decision to remove Six Flags from the stock exchange on 20th April 2009.

A Six Flags statement explains that after this financial restructure, the companyâs 20 parks will have the best chance to stay open and entertain millions of guests for another 50 years.
Ashley Irvine

Image: Six Flags Great America theme park, Chicago, USA.

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