Six Flags at risk for bankruptcy

Posted | Contributed by Jeff

Six Flags Inc. said Wednesday that it might need to file for Bankruptcy Court protection if the company can't restructure its debt by mid-August. At the center of its financial worries is an Aug. 15 deadline to pay $287.5 million to owners of Six Flags' Preferred Income Equity Redeemable Shares, the company said in its annual report filed with the Securities and Exchange Commission. The payout to preferred stockholders could run more than $318 million when accrued and unpaid dividends are factored in, the filing said.