VisionLand files for bankruptcy

Posted Thursday, June 6, 2002 5:12 AM | Contributed by rampagelover

Burdened with $100 million in debt and its future in peril, VisionLand filed for Chapter 9 bankruptcy in federal court Tuesday. The move allows the theme park to do business this summer and to avoid paying unsecured creditors and bondholders. Chapter 9, which provides relief for publicly funded entities, protects the park's assets, suspends lawsuits VisionLand faces and lets it operate with little court oversight.

Read more from the Birmingham News.

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Thursday, June 6, 2002 7:29 AM
We all saw this coming. The company knew the risks and kept spending and not repaying. Well, I have three words for you: "TOLD YA SO"

Now, lets look at what can be done:
They take all revenue from this year and apply most of it to the $10 mill. to the creditors and knock out as much of the $90 million bond holders debt as they can.

Now where would this money come from?

1) They offer events to get people in the waterpark (non pass holders) so the guests are paying cash

2) The money coming from the waterpark (with the only spending being staff, operating costs and taxes) would go directly to the creditors and bondholders. The park would want to offer great customer service and lower prices to keep people spending.

3) The park offers make-shift pavillions to corporate picnics and caters them

These ideas could float if done right


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