Maybe They Should Pull Back to 4 Flags

4 Flags! Less Fun!

Friday, Mar 13, 2009  |  Updated 8:07 AM PDT
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Maybe They Should Pull Back to 4 Flags

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Shares of Six Flags Inc. are lower Friday on growing speculation that the theme park operator may be forced to file for Chapter 11 bankruptcy protection after the company said it could not 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 on 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.

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