Six Flags files Bankruptcy

In spite of the BEA report of increase in Disposable Income, Six Flags is filing for Chapter 11.

 Six Flags Inc (SIXF.OB), the world's largest regional theme park company, said on Saturday it filed for bankruptcy protection.


 

The New York-based company operates amusement parks across the United States, Canada and Mexico.

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 Actually, Six Flags was unable to make a payment on it's senior debt.

 

It was at least the third time this year Six Flags said it would defer a bond payment. On May 14, the company made a $7 million interest payment on its 9.75 percent senior notes due 2013 after a 30-day grace period. Around that time, it also said it would defer a semi-annual payment of about $6 million on convertible senior notes due 2015.

Last week, Six Flags extended the deadline for its note tender, saying bids it received were "substantially below" the minimum level it had set. It named a June 12 deadline to give debtholders additional time to consider the offer. 

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The unemployment rate for 16 to 19 y/o is currently at 22.7% Closing a handful of theme parks will drive that upward.

 

On the other hand, who can splurge on $60 admission tickets?

Sign of the times.

More information on Six Flags can be found here 

 

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