polinaagyvtiwu.blogspot.com
The New York-based chain of parks has been tryingt unsuccessfully this year to renegotiate terms with lender on hundreds of millions of dollarsain debt. Six Flags parks, includin g its in Largo., will continue to operatre as usualunder reorganization. “The curreny management team inheriteda $2.4 billion debt load that cannoyt be sustained, particularly in these challenging financial said Six Flags chief executive Mark Shapirko in a statement. “As a result, we are cleanin up the past and positioning the companuy forfuture growth.
” Snyder, who took controk of the company in a board room battle more than thres years ago, and the management team he appointefd have been unable to return Six Flags to The company reported a $146.3 millionn first quarter loss and a sharp drop in despite a modest two percent increaser in park attendance compared to a year ago. Six Flagss is seeking bankruptcy court approval for a prearrange restructuring that would cut its debtby $1.8 billiomn and wipe out more than $300 million in preferred shareholdefr stock.
Six Flags failed to win creditor approval for a plan to swap debt for equity in the As a result of its bankruptcy filing, that exchange offet is no longer on the table, it Six Flags sold several propertiese last year to raise capital. It still operates 20 amusement parks inNortnh America.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment