Monday, May 3, 2010

Six Flags Emerges From Chapter 11

Six Flags has announced that they have officially left bankruptcy, emerging as a new company named Six Flags Entertainment Corporation.

The restructuring allowed the company to reduce their debt amount from $2.7 billion to around $1 billion. The company's new balance sheet will allow them to 'breath easier' in terms of operations, as their interest expense will be cut dramatically.

Six Flags plans to apply to have their new stock listed on the NYSE once again.

News also broke that Daniel Snyder declined the opportunity to stay on the board of the new company. Mr. Snyder was the one who won the proxy fight that left him in control of the company five years ago. Mark Shapiro will stay on to lead the company.

With restructuring complete, I cannot wait to see how Six Flags grows in the future. They're back to being a company that has the power to take risks, and that could mean some fun stuff for us enthusiasts in the future!