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[Astroworldish] Six Flags Declares Bankruptcy

Discussion in 'BBS Hangout' started by DonnyMost, Jun 13, 2009.

  1. DonnyMost

    DonnyMost clean your room bucko
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    [​IMG]

    Apparently Astroworld was just the beginning...

    http://www.nytimes.com/2009/06/14/business/14sixflags.html?ref=business

    Deep in Debt, Six Flags Is Bankrupt


    Article Tools Sponsored By
    By MICHAEL J. de la MERCED
    Published: June 13, 2009

    Six Flags, the theme park operator, filed for bankruptcy early Saturday in Delaware after failing to reach an agreement with lenders to reorganize its debt.

    Six Flags is the latest company to prove unable to cope with its debt load at a time when previous solutions like refinancing are largely unavailable. The theme park operator, which had $2.4 billion in debt, faced nearly $300 million in payments to preferred stockholders due in August.

    In a statement, Six Flags said it was seeking court approval for a restructuring plan it had already negotiated, which has the unanimous approval of its lenders. That proposal would eliminate $1.8 billion in debt and slice off the $300 million in preferred stock payments.

    “The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets,” Mark Shapiro, the chief executive of Six Flags, said in a statement.

    The filing is a blow to Dan Snyder, the owner of the Washington Redskins, who took control of Six Flags in 2005 after waging a proxy fight and holds about a 6 percent stake in the company. He sought to turn around the company by installing new management, led by Mr. Shapiro, and selling underperforming parks. They improved the remaining parks by banning smoking, increasing security and having more costumed characters like Tweety on the grounds.

    Other major investors include Cascade Investment, controlled by Bill Gates, which held an 11.1 percent stake, and the hedge fund Renaissance Technologies, with a 5.5 percent stake.

    Six Flags said in its statement that the filing came despite a good 2008, in which the company cut its net loss to $135 million from $275 million a year ago. Its net loss for the first three months of 2009 narrowed nearly 7 percent from the period a year earlier, to $146.3 million.

    But the company had a 24 percent drop in revenue over the same period, affected by lower attendance at its parks and less spending by customers.
     
  2. Dairy Ashford

    Dairy Ashford Member

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    Video games, the internet or Disney World?
     
  3. DonnyMost

    DonnyMost clean your room bucko
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    <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/nDOgMTaWi6w&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/nDOgMTaWi6w&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
     
  4. rrj_gamz

    rrj_gamz Contributing Member

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    Well fock...I was hoping to take the kids to various six flags parks around the U.S. for a road trip...will they remain open?
     
  5. Oski2005

    Oski2005 Contributing Member

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    EDIT:

    Never mind, article says the filing will not affect any of the parks.
     
  6. Kam

    Kam Contributing Member

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    going to Splashtown Monday. I prefer Schlitterbahn. Stupid Kids.
     
  7. ItsMyFault

    ItsMyFault Contributing Member

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    Ah well.. RIP Astroworld...

    Schlitterbahn is the best water park in the country, hands down.
     
  8. tinman

    tinman Contributing Member
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    I took a day off last summer to go there, awesomeness.
     
  9. finalsbound

    finalsbound Contributing Member

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    I swear, just the torrent wave "river" is enough to keep me occupied all day.

    I adore Schlit. I need to plan a day to go this summer.
     
  10. rhadamanthus

    rhadamanthus Contributing Member

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    Fixed?

    [​IMG]
     
  11. Faos

    Faos Contributing Member

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    How many have you been to?
     
  12. Landlord Landry

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    Corrado is pissed.
    [​IMG]
     
  13. MadMax

    MadMax Contributing Member

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    Blizzard Beach at disneyworld is.

    But Schlitterbahn is great.

    Six Flags with $2.4 billion in debt.
     
  14. Kam

    Kam Contributing Member

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    Splashtown is by far, the best waterpark in Spring.
     
  15. SWTsig

    SWTsig Contributing Member

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    serves six flags right for those god awful commercials.

    makes me want to kill someone, namely the creepy old man and the advertising firm that created it.
     
  16. MadMax

    MadMax Contributing Member

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    MORE FLAGS...MORE FUN!!!

    we saw that ad and my wife was like: "really? someone saw that and said, 'YES! there's our commercial! let's go with that one!!'"
     
  17. pgabriel

    pgabriel Educated Negro
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    it was funny to see them still runnin those ads in cities with a park
     
  18. across110thstreet

    across110thstreet Contributing Member

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    they have been losing money for over ten years now.

    it was ever so evident how bad it was on a recent field trip to Magic Mountain in Valencia CA.

    The entire day was a money grubbing scam opportunity for Six flags, so they could milk every last penny out of the customers before they inevitably filed for bankruptcy.

    From "Mandatory" $1 lockers at certain rides ($14 for all-day), the $20 all day refill wristbands (for the $12 cup), the Flash pass "Regular" $35, to the Flash Pass "Gold" $62, to the $7 cotton candy, popcorn, and beverages, not to mention they ban outside food. Family Park my a**.

    We had to weasal our food in with the "special dietary needs" restriction.

    and their lines...Ugh

    some up to 2 or 3 hours. granted they are much better, but for the whole experience, I'd rather go to Disneyland. They are much easier on the wallet and friendlier to their guests, outside food allowed in, cheaper concessions, free Fast Pass, etc...
     
  19. SWTsig

    SWTsig Contributing Member

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    really makes you question the leadership of a lot these huge companies when things like that get approved.
     
  20. pgabriel

    pgabriel Educated Negro
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    went to magic mountain as a kid. never forget it was a wed, lines were an hour long. badass park though. went to fiesta on spring break, the prices are unbelievable now.

    i don't buy the argument that video games, and other entertainment options are killing amusement parks. nothing can replace the thrill of a good roller coaster. I really don't understand what happened to six flags. its mismanagement.

    like astroworld, they sold it because they could make more cash than operating it.
     

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