Six Flags files for bankruptucy

[macman]

In a move that has seemed inevitable for quite a while now, Six Flags filed for bankruptcy in Delaware on on the morning of June 13, 2009.

[MGA1]

Six Flags is bankrupt but not going out of business. Six Flags Corporation filed for Chapter 11 bankruptcy protection. This type of bankruptcy protection means that the theme parks are making money (positive cash flow), however, they are not making enough money to pay off all of their debts on time. Their debts will be restructured so their current debt payments don't exceed their cash inflow. All the Six Flags theme parks will remain open and operating as usual...at least for the rest of the 2009 season.

[jimmy gimbels]

The current economic climate is hard on everyone. Cedars, Inc. is also having revenue/expense issues.