Cypress Garden files for Chapter 11 bankruptcy protection

Posted Wednesday, September 13, 2006 10:19 AM | Contributed by gomez

Cypress Gardens, the 70-year-old central Florida theme park saved from the wrecking ball two years ago, has filed for Chapter 11 bankruptcy protection, citing debts incurred after it was hit by three hurricanes in 2004. The Winter Haven park, one of the oldest in Florida, will remain open and no major cutbacks are planned, Sumner said. All passes and discounts will be honored.

Read more from The Sun-Sentinel.

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Wednesday, September 13, 2006 10:29 AM
Whoa...another park in trouble.

I visited in July (think I did a trip report or maybe dreamed I did?) and had a lot of fun. This was perfect for my 2 year old with very liberal height restrictions.

However, I did note that the garden and animal section seemed ill repaired as did a few rides that seemed to have not run for weeks. This is usually a good sign that not all is well.

Anyhow...$25 mil for the weather is a lot, but still only a third of their $75 mil debt. The math in the article does not bode well.

Maybe they can cut hours, hold their Christmas Spectacular in October, close months early for the season, raise their parking prices, and "talk" about clean restrooms and "family atmosphere"...;)

This is Amusement Park 101 for turning profit...no?

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Wednesday, September 13, 2006 10:34 AM
Thinking (hoping?) that this is a mechanism to buy more time with creditors and maybe even get the State involved in terms of trying to recover money from the insurers....I still have money *outstanding* from Jeanne - you'd think there'd be some sort of governmental oversight to make sure the Insurers are paying that which they owe...(but you'd be WRONG)... ;)

edit: I meant Frances...wow, '04 was a busy year...thankfully we SEEM to be getting a break this year. So much for global warming? ;)

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Wednesday, September 13, 2006 10:35 AM
Maybe if you wrote a thoughtful letter to Jeb...you could work on your writing skills. ;)
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Wednesday, September 13, 2006 10:37 AM
^ Muwahahaha, the power of the delete key....too many edits vs. the News board made for a messy post!

My *riting skillz* are the bomb-diggity...hater! :)

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Wednesday, September 13, 2006 10:39 AM
^^

I don't think the math is that bad... If they can get the insurance company to pay up, the balance of that debt would be within their original budget - and with attendance coming in well above the projections, and the all important per caps in a reasonable range the rest of the debt can be easily serviced.

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Wednesday, September 13, 2006 10:43 AM
Hmmm, I actually didn't see this one coming. Even after 2004 with the hurricane damage, it seemed all was fine and well. I guess the insurance companies changed that outlook. How ironic that the reason for this filing is due to the same name they gave one of their coasters.

New for 2007: The Triple Hurricane rollercoaster will be changed to "Chapter 11, The Ride". :)

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Wednesday, September 13, 2006 5:50 PM
It's news to me as well, I thought they were getting record crowds in still.
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Wednesday, September 13, 2006 8:04 PM
Hmm.. Chapter 11, The Ride? Not bad, but you'd have a lot of trolls asking what happened to Chapters 1-10. ;)
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Wednesday, September 13, 2006 8:24 PM
Don't give up your day job, Tim! ;)
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Thursday, September 14, 2006 8:57 AM
Here's more detail about the specifics.
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Thursday, September 14, 2006 12:23 PM
Wow, Buescher has an uphill battle on his hands. I wish him luck and hope we don't see the demise of 2 more parks.
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Thursday, September 14, 2006 3:51 PM
I am going there in about a month for the 1st time, interesting news, hopefully the park can survive.
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