Six Flags Corporate Discussion Thread

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Postby jarmor » Mon Jun 15, 2009 8:37 am

ParkTrips wrote:I wouldn't call Joey a SF hater just for being skeptical of a company who files for Ch. 11... how often does it turn into Ch 7 for these companies?


Yeah he seems to hate hardrockpark/freestyle park also lol :lolr: ...

Kinda reminds me of the old grumpy man in a retirement home that never gets visitors... :lmao:

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Postby mcjaco » Mon Jun 15, 2009 8:49 am

ParkTrips wrote:I wouldn't call Joey a SF hater just for being skeptical of a company who files for Ch. 11... how often does it turn into Ch 7 for these companies?


I know Joey isn't high on SF since he worked there, so that's the only reason I use that term. We all know he likes to get his digs in. :wink:

As for 11 going 7, not very often, but we can all hope. If SF can't get out, that's a HUGE hole in the park industry. It's not something I'd like to even think about. Disney, Universal, and Cedar Fair......ugh.

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Postby fisher1095 » Mon Jun 15, 2009 12:07 pm

mcjaco wrote:
ParkTrips wrote:I wouldn't call Joey a SF hater just for being skeptical of a company who files for Ch. 11... how often does it turn into Ch 7 for these companies?


I know Joey isn't high on SF since he worked there, so that's the only reason I use that term. We all know he likes to get his digs in. :wink:

As for 11 going 7, not very often, but we can all hope. If SF can't get out, that's a HUGE hole in the park industry. It's not something I'd like to even think about. Disney, Universal, and Cedar Fair......ugh.


Yeah, I feel the same... We'd lose the #1 steel coaster in the world and the #1 woodie.. (although the Voyage could take over easily pretty soon) :airtime:

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Postby Electerik » Mon Jun 15, 2009 12:21 pm

^ Hard to say. Some parks would probably be lost, while others would get scooped up by other park chains or new investors.
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Postby FlyingScooter » Mon Jun 15, 2009 12:41 pm

Electerik wrote:^ Hard to say. Some parks would probably be lost, while others would get scooped up by other park chains or new investors.


I hope Cedar Fair isn't one of those chains.
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Postby Airtime&Gravity » Mon Jun 15, 2009 2:44 pm

Another article from MSNBC which explains what will happen. Click the link to watch a news segment Mark Shapiro.

Six Flags will not sell assets or reduce its workforce as a result of its Chapter 11 bankruptcy filing this weekend, the theme park operator's chief executive told CNBC Monday.

"This isn't a liquidation," said CEO Mark Shapiro. "This is about the past. This is about debt that's been around for just too long."

Six Flags [SIXF 0.17 -0.094 (-35.61%) ], which operates or owns 20 parks in North America, filed for Chapter 11 bankruptcy protection in the early hours of Saturday morning. The company was saddled with a $2.4 billion debt load and faced a looming cash $300 million payment to preferred stock holders in August.

The company tried to convince lenders to swap debt for equity in the last two months, but abandoned the measure after the measure drew little interest.

Common shareholders, as well as most bondholders, will likely be "heavily diluted" due to the Chapter 11 filing, Shapiro said in the interview.

In its bankruptcy filing, the New York-based company said its restructuring plan will result in the deleveraging of its balance sheet by about $1.8 billion. The plan also calls for the elimination of more than $300 million in preferred stock obligations.

The filing will likely wipe out the 6 percent stake held by Daniel Snyder, owner of the Washington Redskins football team who took control of the company in a proxy battle in 2005.

Other equity stakeholders who will be affected include Bill Gates' fund Cascade Investment LLC, which has about an 11 percent stake in the company.

Still, Shapiro said Snyder will continue his duties as chairman of the board, a position he took on in December 2005.

The chief executive also said he did not expect the bankruptcy filing to hurt the company's summer revenue because the company has built a reputation for its safety standards.


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Postby monsterfan99 » Mon Jun 15, 2009 3:58 pm

^ Will be interesting if they do keep all parks or how long they wait to sell of.

Interesting they will keep Snyder on the board after all of this but makes seance.

The last line is a great move by Shapiro. He knows who he is talking to with this story, families who value safety over everything. Kudos to him.

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Postby CHILLERLC1 » Mon Jun 15, 2009 6:13 pm

I'm glad they beat Cedar Fair to the chase. I was waiting for the US Auto companies to start off the bankruptcy announcements and then down the line we went.

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Postby fisher1095 » Mon Jun 15, 2009 6:17 pm

CHILLERLC1 wrote:I'm glad they beat Cedar Fair to the chase. I was waiting for the US Auto companies to start off the bankruptcy announcements and then down the line we went.


Yeah, but Cedar Fair, Disney, and Anheuser-Busch are a long ways away from bankruptcy... the only reason SF is in this mess is because they spent too much money on adding roller coaster and now they can't finish paying them off... it's a loan thing.

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Postby Jew » Mon Jun 15, 2009 8:14 pm

mcjaco wrote:
Jew wrote:You'll have to forgive me for being skeptical of a company whose leader blatantly misled employees with the "we made $275 million..." statement in his open letter.


Which any otehr leader would do too. He has to throw some sunshine up everyone's a$$es, otherwise they'd have even more issues of people ditching left and right. Not that it won't happen, but you can't go promoting doom and gloom, it won't get you anywhere.

I'm just getting tired of seeing the SF hating from the same people over and over. I don't care fro USH, but I'm not bashing them to know end every chance I get. You obviously didn't have a good experience at SF. Let it go.


My bad experience working at SFMM has nothing to do with the facts about Six Flags accounting practices leaving lots of "wiggle room" to improve the numbers.

Reducing their net loss to "only" $134 million is a sign things are possibly going to get better...But even after restructuring, if they continue to lose money while touting a nice EBITDA, history has shown companies who follow that pattern are destined to die.

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