- GM Removes CEO Henderson; Whitacre is Interim Chief
- Who Were the Biggest Winners And Losers This Year?
- Look Ahead: Markets Count Down to US Jobs Report
- GE, Comcast Complete Deal Over NBC Universal: Source
- US May Raise Rates Before Jobs Recover: Fed's Plosser
- Cramer: Watch Tech Stocks Wednesday
- Stocks Likely Don't Need Santa to Keep Rally Going
- Super Fantasy Christmas Gifts of 2009
- Larry Kudlow's Open Letter to Tiger Woods
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
- Dyax gets FDA approval for genetic disorder drug
- Continental reports 2.9 pct increase in traffic
- FDA approves OTC version of heartburn drug Zegerid
- Nordson promotes Pembroke to head of EFD business
- Bridgestone tire prices going up 5 percent
- SWS Group selling 4.1 million shares of stock
- ExpressJet CEO jumps to American Airlines
- Timeline of key events in career of Henderson
- Harley workers to vote on contract at Pa. plant
Text Size 
NEW YORK - 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.
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 earlier plan to negotiate an out-of-court deal with creditors failed.
Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.
The company has three Texas parks: Six Flags Over Texas and Six Flags Hurricane Harbor, both in Arlington, between Dallas and Fort Worth, and Six Flags Fiesta Texas in San Antonio.
Sydne Purvis, communications manager at the San Antonio park, said Saturday the bankruptcy filing was having no impact.
"It's a parent company restructuring issue and we continue to operate here," she said.
She said regular bookings were continuing, a new show just opened at the park and a new children's area recently was added.
"We're having a terrific day," she said.
Print
Email
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes