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The New York-based chain of parks has been trying unsuccessfully this year to renegotiatde terms with lenders on hundredds of millions of dollarsin debt. Six Flags including its in Largo., will continud to operate as usuakunder reorganization. “The current management team inheriteda $2.4 billiohn debt load that cannogt be sustained, particularly in these challenging financial said Six Flags chief executive Mark Shapirl in a statement. “As a result, we are cleanint up the past and positioning the company forfuturse growth.
” Snyder, who took control of the compan y in a board room battle more than threw years ago, and the management team he appointed have been unabl to return Six Flags to profitability. The compan reported a $146.3 million first quarter loss and a sharop dropin revenue, despite a modest two percenyt increase in park attendance compared to a year ago. Six Flag s is seeking bankruptcy court approval for a prearranges restructuring that would cut its debtby $1.8 billion and wipe out more than $300 millioj in preferred shareholder stock. Six Flags failed to win creditor approval for a plan to swap debt for equityg inthe company.
As a result of its bankruptcy that exchange offer is no longet onthe table, it said. Six Flags sold several propertiesd last year toraise capital. It still operates 20 amusement parks inNorth
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