Carnivals and fairs do have a reputation of not being to profitable but who would expect that even the largest amusement parks are also subject to the adverse effects of the financial crisis.
Six Flags is now reported to be seeking Chapter 11 bankruptcy protection in order to reorganize and deal with a $1.8 billion debt. The move, filed Saturday, is a result of failed negotiation with creditors.
This is despite having a “great” year in 2008, posting even record revenues from 25 million visitors. However, the company is already hampered by an unsustainable $2.4 billion debt.
Six Flags has 20 theme parks across the US and in neighboring Canada and Mexico. CEO Mark Shapiro, however, announced that this will not affect the operation of all parks.
Source: ABC News
