Posted Monday, May 3, 2010 1:15 PM | Contributed by Jeff
Theme park operator Six Flags Inc emerged from Chapter 11 bankruptcy on Monday after wiping out more than a billion dollars in debt by turning the company's ownership over to bondholders.
Read more from Reuters via ABCNews.
That money, along with about $1.27 in new debt, was used to pay off creditors and finance the company as its main summer season nears. Six Flags entered bankruptcy with $2.7 billion in debt and obligations from redeemable securities.
They went from 2.7 billion dollars to a buck twenty-seven? I'd say that's less than half. If they can't pay that off I can probably grab some change out of my kid's piggy bank...
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