Six Flags Inc. declared for bankruptcy this morning after the company had been trying to clear its multi-billion dollar debt without having to go to court. New management took over the company in 2005 and began restructuring the theme park chain that has kept New Yorkers saving Coke cans for years in order to get discounted admission at Great Adventure in nearby Jackson, NJ. In the last few years, the company has sold ten parks, laid off 300 employees and instituted changes such as having more costumed characters and banning smoking in the parks. Recently they've gone so far as bringing back the nightmarish dancing speed freak, Mr. Six, the "old" man who seems to have found the courage to speak while he was away from the company. Six Flags's CEO Mark Shapiro said, “The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets." The latest snag for the company came when they had to temporarily shut down their Mexico City park due to swine flu.
Rolling Thunder of Debt Leaves Six Flags Bankrupt
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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