The Six Flags amusement park company has filed for chapter 11 bankruptcy in a Delaware court.
Six Flags owns theme parks across the United States, Mexico and Canada. The company has filed for chapter 11 bankruptcy so that it can reorganize and eliminate over $1.8 billion in debt. The company says that the bankruptcy won’t affect the day to day operation of the business and that it’s amusement parks will stay open.
The idea of a Six Flags bankruptcy may be surprising, especially given that in 2008, the company’s parks drew around 25 million visitors. Still, it wasn’t enough to alleviate their overwhelming debt load. The company did attempt to work out some deals with creditors, but they weren’t able to cut enough debt make a difference to their bottom line.
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