Bankruptcy possibility looms for Six Flags

[RamboLiberal]

Source: Google/AP

NEW YORK (AP) — Shares of Six Flags Inc. fell Friday on growing speculation that the theme park operator may be forced to file for Chapter 11 bankruptcy protection after the company said it could not meet a looming financing obligation.

Six Flags shares, which have traded under $1 since last September, lost 3 cents, or 16.8 percent, to 16 cents in morning trading. The stock has traded between 16 cents and $2.50 during the past 52 weeks.

In its annual report on Wednesday, the company said a Chapter 11 filing is possible if the New York-based company cannot reach a deal to restructure its debt.

In its fourth-quarter earnings report on Tuesday, Six Flags said it does not expect to have enough cash to redeem its preferred income redeemable shares, or PIERS, when they mature on Aug. 15. The shares, known as PIERS, must be redeemed for $287.5 million plus accrued and unpaid dividends, which may total up to $31.3 million.



Read more: http://www.google.com/hostednews/ap/article/ALeqM5iq0xJiY0MSOpoEPkkBppCNvKgwdQD96T6TTG0

[Lucky Luciano]

1. Yep... SIX has been hanging by a thread for a very long time. nt

[DollyM]

2. I always though Six Flaggs was overpriced . . .

And overated for that matter. It just finally caught up with them.

[shaniqua6392]

3. Maybe this is the reason why they are failing......

TICKET PRICES AT THE PARK

* General Admission $59.99
* Child Under 48" $29.99
* 2 & Under FREE

Purchase parking online before heading to the park.

* Advance Parking $15.00

OUCH!! It would cost me $300.00 plus parking, food and drinks to take my family for ONE DAY of fun????

[Plucketeer]

4. I'd be interested to find out

what percentage of each admisson fare goes to insurance coverage.

[Bandit]

15. Why?

I am just curious and in no way defending insurance companies but in this litigious world we live in, a company such as Six Flags would be a fool not to have insurance, and since so many people sue for damages on just about anything, insurance costs have shot through the roof.What would be a solution do you think?

[WriteDown]

19. Tort reform...

If you sue and the case gets thrown out, you pay the attorney fees of the defendant.

[liberal N proud]

6. Damn, Disney prices for carnival rides

[Lance_Boyle]

12. better rides than you'll find at any disney park

not to mention >4x the number of parks.

[litlady]

17. I beg to differ! (about both the numbers and the rides)

There are 11 Disney parks (three of which are not wholly owned by Disney).
There are 14 Six Flags parks (many of which are not wholly owned by Six Flags).

As to the rides - if you are a coaster enthusiast, Six Flags would be better for those rides (although Busch and Cedar Fair also have similar strength of thrill rides). However, if you are a family or a person that doesn't enjoy thrill rides, Disney is clearly the winner as it has dark rides, 3D movies, boat rides, etc. As to the overall quality of the parks, Disney without doubt wins in service, cleanliness, food, attractions, entertainment, and clearly attendance.

For the record, I have been to 8 Disney parks, 13 Six Flags parks, and 2 former Six Flags parks.

[Lucky Luciano]

9. I don't think anyone pays full price

I always remember seeing coke cans that basically say that if you bring the can you can buy one get one free etc...plus summer season tickets are worth it if you go more than twice I believe.

[litlady]

18. Definitely - many don't pay full price.

And other than parking each time, the annual passes or just above the price of a one time admission. Many cans and restaurants give tickets and anyone who gets a pass can take friends for half price.

[Politicalboi]

5. They give good deals

During the summer with coke cans and season tickets. Our Walley World out here in Ca had a job fair last month.

[RebelOne]

11. We always get discount coupons at my office

for the Six Flags here in Atlanta. Usually they are for 1/2 off.

[keopeli]

7. I always enjoyed 6Flags!

Many high school festival trips would include a day in 6 flags JUST FOR US. Whether over Texas or Magic Mountain, it's a great memory.

In LA, the park has had SERIOUS gang problems in recent years (a sign of the times).

I hope the company can recover. But, they ALWAYS overbuilt on those rollercoasters. They would take a brand new ride down after only a year or two, which seems a stupid practice to me.

[Sen. Walter Sobchak]

16. and they couldn't just refuse entry to the gang members?

and why would gangs want to hang around six flags anyway? That isn't gangsta!

[soothsayer]

8. Oooh, I hope Dan Snyder is negatively impacted. I loathe that dude.

[RamboLiberal]

10. I thought he was a jerk when he bought the Redskins

and charged fans to attend preseason camp! Do they still do that?

I loved that my Steelers beat them election eve especially since Limpballs was sitting in Snyder's box that night.

[Zavulon]

13. Even a worse bang for the buck than Euro Disney is.

What they charge can't be afforded by most people these days. I don't feel for them at all. If you're four foot one as opposed to four feet or under, they double your entry fee, and they will tape measure your little ass to make sure you're not bringing in that extra inch. Assholes.

[Amonester]

14. Hope Le Cirque Du Soleil Will Buy Back La Ronde =D

And Kick Incompetent 6F out

[litlady]

21. Not sure if they will try to sell off this property...

Last time they had an impending bankruptcy they sold off lots of properties. La Ronde would be a good candidate - and it seems to be falling apart!

[litlady]

20. Disneyland Paris is very nice now!

:-)