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Monday, June 15, 2009

Six flags bankruptcy filing

Associated Press- The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.

Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada... including Six Flags Over Georgia.

Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.

Saturday's bankruptcy filing came after an earlier plan to negotiate an out-of-court deal with creditors failed. According to sources, Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.

The economy is forcing major companies to seek bankruptcy protection. If you are facing financial difficulties, you too can seek the same protection. The Báez Law Firm, P.C. can help you file for bankruptcy to help you deal with your financial situation.

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