Published: June 13, 2009 at 11:25 AMOn my Facebook wall, on March 11, I predicted "early June" for the Chap 11 filing. Thankyouverymuch.
That said, I also have said that I think the filing would be a good thing for the company, as it cannot continue to suffer under the amount of debt that it inherited from the Premier Parks management. The company's got some good management in place, and if it gets some financial relief from bankruptcy, I think Six Flags could be well positioned for the 2011 season and beyond.
This season is what it is already. My only concern is how bankruptcy might affect 2010, but frankly, how the economy goes in the next few months will have more to say about that than a Chap 11 filing will.
Published: June 13, 2009 at 11:21 AMI thought it was nice and a great gesture that a letter was sent via e-mail to all passholders, including a FAQ page, explaining it all, and that no one should worry about the local park.
Published: June 13, 2009 at 11:46 AMI really hope Six Flags can get out of bankruptcy. I hate to see Six Flags Magic Mountain close down. They have some cool roller coasters there!
Published: June 13, 2009 at 12:24 PMHere is the email that I got:
Dear Season Pass Holder,
You may have read about how Six Flags, Inc. is restructuring its debt. We want you to know that Six Flags Great America will be here for your family, this summer and for years to come.
Six Flags Great America will be open all season long.
From hot summer concerts to Fright Fest, Six Flags Great America will be open for business, the business of fun. As always, we continue to offer one of the best values in family entertainment, just a car ride away.
Expect great things throughout 2009.
We've introduced Buccaneer Battle, an awesome new water adventure ride. We launched fun new shows like The Best of Dick Clark's Bloopers. We're hiring staff, giving you and your family more dining options, and bringing you top music acts like Jesse McCartney, Raven-Symoné, and Metro Station.
If you would like more information, we invite you to read our RESTRUCTURING FAQ .
Thank you for being a Six Flags Great America Season Pass holder. See you at the park.
Charles H. Salemi
Six Flags Great America
BTW, I have asked SFGA how its looking for the future and they seem to be not sweating at all. I think its a sad day for the entire company, but individual parks vary. I mean SFGA has done a bunch of improvements and paired up with a resort in the area to give their guests exclusive perks.
Published: June 13, 2009 at 2:13 PMIt was pretty much inevitable that a restructuring would have to happen. They have dividends to pay out this year, and 1.8 billion dollars in debt is a lot to handle, particularly for a company that is just now starting to crawl out from under the rubble that previous management left behind. I've heard pretty much nothing but stories of improvement and positive trip reports so far this year, and gasp...a positive review of Magic Mountain's new coaster by this site.
If this is the way that they have to deal with the upcoming bills, then so be it. It seems that restoration of the Six Flags brand is underway (albeit slowly), and the numbers suggest that the company is indeed capable of building quality amusement attractions and entertaining people while still being profitable. I'm still expecting some great numbers from their parks this year.
My business travels have brought me to Louisville, Ky for a few months. Far be it from me to not stop by and pay the local park a visit. Keep an eye out for an in depth report from Six Flags Kentucky Kingdom...coming soon.