Six Flags, owners of 20 theme parks across the United States have declared chapter 11 bankruptcy. The company declared bankruptcy in an attempt to get rid of their large amounts of debt.
Although Six Flags posted record revenue and served over 25 million guests in 2008, the company had $1.8 million worth of debt. This debt accumulated over time with the addition of new rides and the acquisition of new parks into the chain. Six Flags was forced to declare bankruptcy in order to get out of their massive debt.
Six Flags CEO Mark Shapiro has stated that filing for bankruptcy will not effect the day to day operation of parks throughout the chain. This means that you will still be able to ride your favorite rides at your local Six Flags the same way you have in the past.
Six Flags took measures to relieve themselves of debt in the past, but none were successful. Out of court deals with creditors have been attempted, but they did not work out. Other measures taken by Six Flags to relieve debt have been to restyle and update old rides instead of building new ones. Examples of this are Six Flags Magic Mountain's X2(formerly X), Six Flags Great Adventure's Bizarro(formerly Medusa), and Six Flags New England's Bizzaro(formerly Superman - Ride of Steel). However, Six Flags has not stopped building brand new rides in their parks, as Six Flags Magic Mountain's Terminator Salvation: The Coaster represents.