Six Flags emerges from Ch. 11

by DeLadurantey Law Office, LLC on May 4, 2010

New York City-based Six Flags Inc., the owner of the amusement parks of the same name, filed for Chapter 11 bankruptcy in June 2009 in Delaware citing its inability to refinance its heavy debt burden. At the time, the company’s debt was listed at $2.4 billion.

The company this week emerged from that Chapter 11 bankruptcy backed by $725 million in equity from a new shareholders group headed by Stark Investments of St. Francis.

Six Flags Inc., now called Six Flags Entertainment Corp., will list its new common stock on the New York Stock Exchange.

“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”

“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”

These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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