Mike13

What is it?I knew they were going to add new stuff since begining of April but is it a truck or something,I forget what my supervisor told me and the other people getting trained with me.

Six Flags Inc., the world's largest regional amusement-park company, filed for bankruptcy protection early Saturday.

 

The theme-park company, shouldering more than $2 billion in debt, had been racing to restructure outside of court, negotiating with lenders, selling parks and laying off staff. But it couldn't outrun the deteriorating economy and a looming $288 million payment due preferred shareholders this August, along with $31 million in unpaid dividends.

 

Six Flags, whose theme parks attract more than 25 million visitors a year, said it filed Chapter 11 with a prearranged reorganization plan that garnered unanimous approval from its lenders' steering committee. The plan would deleverage Six Flags' balance sheet by about $1.8 billion and eliminate more than $300 million in preferred stock obligations, the company said.

 

Low consumer confidence kept attendance down at Six Flags' 20 parks, which dot several cities across North America, including Chicago, San Antonio and Mexico City. Revenue fell and the company delayed certain debt payments.

 

Six Flags' Chapter 11 filing marks a setback for investor Daniel Snyder, the Washington Redskins football team owner who took control of the theme-park company in a contentious proxy fight in 2005 and installed his own management team. The bankruptcy would likely wipe out Mr. Snyder's stake.

 

In a statement on the filing, Six Flags didn't address Mr. Snyder's stake. A Six Flags spokeswoman didn't immediately return a call seeking comment.

 

In the midst of his battle to wrest control of the company, Mr. Snyder wrote a letter to Six Flags stockholders saying they "would have been better off hiding their money under a mattress" than investing in the company under its prior management.

 

"The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets," said Mark Shapiro, Six Flags' chief executive, in a statement. He said operations of the company's parks would be unaffected by the filing and that Chapter 11 protection was sought solely to "clean up the balance sheet."

 

Also losing out on Six Flags' financial rollercoaster: Microsoft Corp. founder Bill Gates, whose Cascade Investment LLC owned about 10.2 million shares.

 

Six Flags failed to get last-minute concessions from lenders out of court. A deadline for debt holders to swap certain notes for equity expired Friday night. The park operator had extended that deadline by more than two weeks after falling well short of a 95% targeted acceptance rate.

 

Mr. Snyder's team, led by Mr. Shapiro, a former ESPN executive, had made some progress of late. Six Flags sold 10 parks and laid off about 300 workers. It tried to make its parks more "family friendly," banning smoking in most areas.

 

Last year, Six Flags brought in more cash than it spent for the first time. The company's losses narrowed in 2008 to $112.9 million, about half those of a year earlier. Sales nudge 5% higher to about $1.02 billion.

 

But last summer's record fuel prices, plunging consumer confidence and deteriorating credit markets weighed on Six Flags' balance sheet. The company lost even more money when the recent swine flu outbreak forced a temporary closure of its park in Mexico City.

 

A few months ago, Six Flags hired law firm Paul Hastings Janofsky & Walker LLP to prepare for a bankruptcy filing. It also hired Houlihan Lokey Howard & Zukin to negotiate with creditors.

Looks like a last minute kind of thing they did just to say they added something new this season.Probably attempted a GITPP kind of thing,to the CP people it might look cool,but us Six Flags guys are spoiled and know a real night time Light show with the parade

250!yeah,represent!

I call it Great Adventure,even though some my friends call it Six Flags.Others just call it Great Adventure and think the actual name for the Six Flags chain is Great Adventure.I have to explain to them the company name is Six Flags,and this parks name is Great Adventure

We rode the Skyride after GITP at about 9:30. We looked for you but didn't see you. We were on the 'A' side and left from the Dream Street end.

^It was pretty much packed.I only saw my rides line where I was working,but lol we had quite a line even at 9.

Looks like Kings Dominion is getting an Intamin in 2010 from the look of the track pieces that are showing up there,Ohhhhh it's been so long since we have had Intamin track shipped to our park .Lol it's funnny to see alot of people crying about how we're not getting anything major anymore....Some of us have gotten sooooo spoiled over the years.

Ka opened today for alittle

Oh yeah,I completely forgot about Batwing.Yeah it wouldn't make sense for Superman to go to America when they already have another ride like it.I don't know about a stand-up although I have never rode any of them,I hear they do hurt.

I can see Superman going to Six Flags America or Kentucky Kingdom as a new attraction since Supermans capacity would be better for a smaller park.It would be weird not having Superman there though and having a shortened boardwalk.I can see it happening eventually,but I don't think it will happen.

Ka started to test today

Ahhh alright,maybe one of these days I'll get to catch your car or launch it,whatever I'm doing lol.

Did you go on Sky Ride yesterday?I was at Western side all day untill about 7.But it was weird having both sides open lol,it wasn't that crowded,but I guess it's better to make shorter lines and people happy..

Even though there completely two different things,what do you personally like more Glow in the Park Parade or Saturday Night Lights?

Tango could open again this season,but it's not gonna open this weekend or in May,if anything probably late June early July if they do decide to open it again.Even on busy days no one really rides it so why pay to run it.

Believe me,it will definatly be open with the park for probably the whole season as long as theres no problems with the ride.

Is that Photoshopped or have people actually ridden Bizarro already?

I'll be there this weekend at Cables,come say Hi to me (my name is Mike with a red tag)

The video doesn't work for me for some reason =/ it doesn't load I hit the play button but it just stays at a black screen anyone know what to do to help?

And I'm hoping for the best for this season!But I think SF will do well since the economy is getting alittle better and 2 parks already had record breaking numbers in Spring.

I didn't know it was your birthday!Happy birthday Dainan!

If it does get to back over 1$ then does Six Flags stock go back onto NYSE or does it stay at the one it's at now?

So now some company they owe money too can come in and along with Shapiro control the company?

Is that good or bad?I have no clue what that said when I was reading it.I tried to understand it but I was like the whole times lol,anyone care to explain to me?Sorry I'm not to smart.

Interesting to hear that more theme elements have been added to the SFGAm TDK. I have to wonder if we'll see more coming to ours as well, or maybe they're just getting something that we already had and they didn't?

There's always the chance we will get something added into ours,you never know