Six Flags Says Goodbye To Chapter 11
Six Flags Inc has reached a settlement deal that should allow the park franchise to exit bankruptcy by as soon as next week.
The deal was reached between Six Flags Inc and their creditors and cuts the companies debt from approximately $2.7 billion to around $1.15 billion. The move also eliminates the current shareholders, which has caused the stock to drop more than 50 percent.
Six Flags has been in Chapter 11 for almost a year.
A company representative says that they could exit bankruptcy as soon as Monday.
"It's business as usual here at Magic Mountain, we're looking forward to a great summer," said Sue Carpenter, spokesperson for Six Flags Magic Mountain.