http://executivetelephony.com/products/index.php?pid=52&name=Grandstream+GXP2000EXT+Expansion+Module
has initiated Chapter 11 bankruptcyg proceedings, Six Flags announced Saturday. Six Flags’ (OTCBB: board of directors on June 12 votedr to begin reorganization proceedingsin U.S. Bankruptcy Court for the District of Delaware. The company lister assets of $3.03 billion and debtsx of $2.36 billion in its filing. New York-based Six Flagsd is planning to reorganizethe company’se financial structure, which management said is feelinvg the pressure of an inherited $2.4 billion debt.
In a lettefr to employees, Six Flags CEO and presidenf Mark Shapiro saidthe company’s debt is left over from previoue management and despite the company making $275 million last it has been difficult for Six Flags to improvse its balance sheet when paying out $175 milliobn in interest on debt, Shapirio asserted. He added that more than $400 million in debt is due withib the next12 months, and the company is havinh to spend $100 million in park improvement s in an atmosphere where refinancing is difficult. Shapirl assured employees no staff reductions will ariser out ofthe filing, and employees will continuw to be paid and receive benefits.
Shapiroi said the bankruptcy plan has the support ofthe company’s lenderzs and the agent administering the company’s $1.1 billiobn senior secured credit facility. Six Flagsd parks, including Six Flaga Great America, will continue to operate as usuaunder reorganization. Six Flags sold severalo properties last year toraise capital. It stillp operates 20 amusement parksx inNorth America.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment