Amusement company, Six Flags, Inc. files Chapter 11 Bankruptcy

Due to a debt that cannot be repaid, Six Flags, Inc. announced today that it has requested approval from the Bankruptcy Court in Delaware to file under Chapter 11 for restructuring and reorganization. There are twenty parks located across the globe.

With twenty parks across the United States, Canada and Mexico, the Six Flags brand is a global brand that is synonymous with fun. Although that fun is not expected to come to an end, at least not anytime soon, a major restructuring plan could impact park guests and employees who service the theme parks, water parks and animal parks as the corporate company decided to file Chapter 11 Bankruptcy on Saturday, June 13. According to a press release made today by the President and CEO of Six Flags, Inc., Mark Shapiro, the decision to file was a mere "effort to address and ensure the longstanding financial stability of Six Flags" and not an announcement that any of the parks would be closing. In fact, Shapiro called it a:

"back of the house" effort to address and ensure the longstanding financial stability of Six Flags.

With over $2.5 billion US in debt already weighting down the purveyors of family fun and entertainment, the company expects an additional $400 million US of debt due within the next year to come due. And with today's financial situation, the company had little by way of options. The release did state that the company's parks would continue to operate for years to come and that all of their employees will be paid in full, including benefits. According to their own statement, they will not be implementing a RIF, or reduction in force, as part of the Chapter 11 filing. On their own website, there are still future plans on expanding the parks branding into Dubai and Qatar. Six Flags parks are known for their amazing roller coasters, holiday theme events, fabulous concerts and even their partnerships with names like Tony Hawk, The Wiggles, Thomas the Tank Engine and Warner Bros. They also acquired Dick Clark Productions in 2007, which is known for famous shows like the Golden Globe Awards and So You Think You Can Dance. The decision to file Chapter 11 Bankruptcy received overwhelming support from the lenders' Steering Committee and is being viewed as an effort to "clean up" financial statements and enable the company to come out smelling like a rose in terms of entertainment for families and thrill seekers alike.