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Six Flags Amusement Park Company Declares Bankruptcy

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NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.

Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada.

Six Flags says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.

Saturday's bankruptcy filing came after an earlier plan to negotiate an out-of-court deal with creditors failed.

Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.
 
these people all have the wrong mentality. stop saying u did good business since ur interested in firing people and saying ur not affected at the same time. greedy execs. selfish.
 
Well if it means saving those damn rollercoaster, hell yeah! I want Obama to bell them out. Six Flags Magic Mountain has some of the best coasters!!!!!!!
 
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going into bankruptcy is a way to save a company - educate yourselves people


and a companys job is not to hire people, it is to provide goods and services


thats all i had to say
 
Strawberry said:
going into bankruptcy is a way to save a company - educate yourselves people


and a companys job is not to hire people, it is to provide goods and services


thats all i had to say
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and the american companies can't provide goods and services without people to provide them. the people that they are putting out in the street. and the companies aren't saving themselves. they're being sold to other companies. once the company is gone, there is no company to speak of. for instance, wa mu bank sold itself to chase. now there is no wa mu. it's been replaced by chase bank. i don't think that is the definition of saving one's self. if six flags needs to talk about how well they did last year, it's because they are afraid. eventually, at this rate, there will be no six flags. that is why they had to give themselves a feeling of reassurance by saying they did well in 2008. but their value is sinking in the stock market as that article also states. i don't think i need the kind of education u r talking about.
 
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look

educate yourself on what bankruptcy means



chapter 7 means liquidation

chapter 11 means reorganization

a company can file for bankruptcy to reorganize itself and emerge stronger, that is what Delta and many others did
 
by the way, i do not defend wamu...the bank made terrible decisions and paid for it


six flags is going though a tough time because the economy is in the toilet and people cant afford entertainment

if you should blame someone blame the government for encouraging the current mortgage crisis, that is where it all started.....
 
Strawberry said:
look

educate yourself on what bankruptcy means



chapter 7 means liquidation

chapter 11 means reorganization

a company can file for bankruptcy to reorganize itself and emerge stronger, that is what Delta and many others did
Click to expand...

tell that to gm and chrysler. the government controls gm and chrysler has been sold to fiat.

the airline business is on shaky ground. so that ONE example isn't strong evidence for your argument. and when people are out of work and the economy is struggling, no one is stronger for it.

you are acting like this article is good news. it is not. it's a sign of the times. that's why it was printed.
 
i dont make this stuff up, its written in textbooks students read at school - bankruptcy is in no way a bad thing

chrysler is a whole different thing - its simply a crap of a company....while the japanese were making hybrids chrysler was making SUVs that eat tons of gas
 
Strawberry said:
i dont make this stuff up, its written in textbooks students read at school - bankruptcy is in no way a bad thing

chrysler is a whole different thing - its simply a crap of a company....while the japanese were making hybrids chrysler was making SUVs that eat tons of gas
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a textbook means nothing. your real education comes out in the streets when you talk to the people that used to make up these companies that are 'scaling down'. companies are made up of people. when you get rid of those people, you eventually get rid of the company.

and hybrids vs. suv's have nothing to do with it.

Mercedes Benz makes big luxury vehicles that eat up gas. and they stay in business all the time.

they just happen to make very good vehicles, that's all.
 
Strawberry said:
look

educate yourself on what bankruptcy means



chapter 7 means liquidation

chapter 11 means reorganization

a company can file for bankruptcy to reorganize itself and emerge stronger, that is what Delta and many others did
Click to expand...
Whether a company files Chapter 7 or 11, there still will be job lost. The company must cut in order to restructure. Why is the company filing for backruptcy to begin with? Because of the loss performance of whatever didn't work. And tax payers pay for those bankruptcies too. Either way tax payers get screwed.

And not all companies emerge stronger. The Broadway department stores here in Californian is an example. They filed chapter 11 after fighting 2 take over attempts by another company. Thousands of employees lost their retirement savings and eventually the company was bought out by Macy's. Robinson's May is another example. Hundreds of stores closed and thousands of people lost their jobs. And all the executives walked away with their golden parachutes loaded with millions.

And look what happened to Eron.

And those car companies real reason for filing bankruptcy is to get rid of the unions, that fight real hard against greedy executives...
 
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if they're doing so well i wonder how their debtload got so unsustainable, somebody effed up and needs to lose their job... says it won't affect operations, and it will need people for that, so let's hope this time it is the jerks making the decisions that got the company in trouble to start with that takes the axe.
 
Good. Considering how they pay their employees, they should have money :lol:
 
They Can Save all the "Six Flags" except for the one in Largo, MD. I hate that place and it's jacked. Need to be torn down! lol! I love theme parks! but not the Six Flags of Largo MD. Don't ever visit that one. Go to Kings Domimion in VA instead..lol
 
Strawberry said:
by the way, i do not defend wamu...the bank made terrible decisions and paid for it


six flags is going though a tough time because the economy is in the toilet and people cant afford entertainment

if you should blame someone blame the government for encouraging the current mortgage crisis, that is where it all started.....
Click to expand...

a, but six flags ahas been struggling for a while now, I 'member a few years back they was talking about closing all the parks down. Its a shame cuz six flags is tight!
 
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