Six Flags Inc. (NYSE: SIX) disclosed in an SEC filing today that unless it can restructure its debt, it may have to file for bankruptcy.
"Given the current negative conditions in the economy generally and the credit markets in particular, there is substantial uncertainty that we will be able to effect a refinancing of our debt on or prior to maturity or the PIERS prior to their mandatory redemption date," the company said.
The company's auditor, KPMG, said that there was "substantial doubt" about the company's ability to continue as a going concern.
What's surprising -- and somewhat appalling -- to me is that the company continues to recruit aggressively on college campuses: Why would you waste young peoples' time and energy when you know that you're probably going to have to lay off a ton of people soon -- and really aren't in a position to do much hiring.
The good news for consumers is that the company's desperate need for revenue combined with the recession is leading to some pretty good deals on tickets
No comments:
Post a Comment