Debt-Ridden Six Flags On Brink Of Bankruptcy

Law360, New York (March 12, 2009, 12:00 AM EDT) -- Six Flags Inc., the world's largest regional theme park operator, may file for Chapter 11 protection if it fails to renegotiate $318 million in debt by mid-August, the company disclosed.

In its annual report to the Securities and Exchange Committee, Six Flags said on Wednesday that it has an Aug. 15 deadline to repay $287.5 million to its preferred income equity redeemable shares, plus $31.3 million in accrued and unpaid dividends.

“Given the current negative conditions in the economy generally and the credit markets in particular,...
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