Bankruptcy Possibility Looms for Six Flags

NEW YORK (AP) - Shares of Six Flags Inc. are lower on growing speculation that the theme park operator may be forced to file for Chapter 11 bankruptcy protection.

That's after the New York-based company said it couldn't meet a looming financing obligation.

Six Flags shares, which have traded under $1 since last September, lost 2 cents, or 10.5 percent, to 17 cents in morning trading.

In its annual report Wednesday, the company said Chapter 11 is possible if it cannot reach a deal to restructure its debt. On Tuesday, Six Flags said it does not expect to have $287.5 million in cash to redeem its preferred income redeemable shares, or PIERS.

Six Flags said a Chapter 11 filing could occur "well in advance" of the PIERS's maturity on Aug. 15.

The company operates the Six Flags Over Texas theme park and Six Flags Hurricane Harbor water park in Arlington, and the Six Flags Fiesta Texas theme park in San Antonio.

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