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Six Flags Doing Great, Declares Bankruptcy

June 13, 2009 at 12:11 PM | by Victor Ozols | 0 Comments

As we discussed back in March, the Six Flags amusement park chain has been in dire financial straits for a while, straining under more than $2 billion in debt. Efforts to restructure that debt proved fruitless, so the company is now seeking Chapter 11 bankruptcy protection. As the AP points out, operations at the company's 20 parks in the U.S., Canada, and Mexico won't be affected by the filing, but one has to wonder what kind of entity will emerge on the other side.

In an ironic twist, Six Flags said it did great in 2008, with record revenues and 25 million visitors. It wasn't enough to pay off the ol' credit card bills, but it is a hopeful sign that the mid-market amusement park concept might be a good fit for lean times. The 2009 season is just getting started, but it makes sense that people might forgo the flight to Orlando or Anaheim this year in favor of a drivable holiday to a nearby amusement park that has all the same stuff, or so we'll tell ourselves.

Investors might be sweating, but it doesn't mean much to the casual visitor. The parks are keeping busy, adding new attractions like Terminator Salvation: The Ride at Six Flags Magic Mountain in Valencia, California, an old-school wooden roller coaster with five hills, six banked turns, and "fly-thru" and on-board entertainment thingies. It's sponsored by Jeep, so you'll probably come off of it wanting to buy a Grand Cherokee, but that's a small price to pay for helping push a national icon back into the black.

[Photo: croutonboy]

Related Stories:
· Six Flags Seeks Chapter 11 Bankruptcy Protection [AP via Yahoo! News]
· Six Flags [Official Site]
· Theme Park Coverage [Jaunted]

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