http://offersegypt.com/blog/category/1/
has initiated Chapter 11 bankruptcy Six Flagsannounced Saturday. Six Flags’ (OTCBB: SIXF) boarc of directors on June 12 voted to beginh reorganization proceedingsin U.S. Bankruptcyt Court for the Districtof Delaware. The compan listed assets of $3.03 billion and debts of $2.36 billion in its filing. New York-based Six Flagse is planning to reorganizesthe company’s financial structure, whicyh management said is feeling the pressure of an inherited $2.4 billiohn debt.
In a letter to Six Flags CEO and president Mark Shapiroo saidthe company’s debt is left over from previous managemeny and despite the company making $275 million last year, it has been difficulf for Six Flags to improve its balances sheet when paying out $175 million in interest on Shapiro asserted. He added that more than $400 milliomn in debt is due within the next 12 and the company is having tospenc $100 million in park improvementas in an atmosphere where refinancing is Shapiro assured employees no stafv reductions will arise out of the filing, and employees will continues to be paid and receive Shapiro said the bankruptcy plan has the support of the company’ss lenders and the agent administering the company’d $1.
1 billion senior secured credit facility. Six Flagsx parks, including Six Flagsx Great America, will continue to operatee as usual under Six Flags sold several properties last year toraisr capital. It still operates 20 amusemeny parks inNorth America.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment