Six Flags Preparing For Bankruptcy

The last time we wrote about amusement park operator Six Flags it was on defibrillator alert. WSJ has come out with a report in which CFO Jeff Speed confirms he has hired bankruptcy law firm and financial advisors Paul Hastings and Houlihan Lokey. Speed states that he is hoping (against hope) to arrange a consensual plan with creditors ahead of an August deadline for $319 million in equity payments. Of course a chapter 11 in SIX will have marginal impact to the 3 or so left shareholders in SIX stock which was last trading at $0.17/share. Six Flags bonds are also trading at abysmal levels, with the '13 and '14 maturities both Tracing in the low teens.