Six Flags raises the 'going concern' flag


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, as Jason Cochran recently reported on WalletPop.

Reader Comments (Page 1 of 3)

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 12, 2012: 08:40 PM

Hot Stocks

General Electric

18.875-0.255(-1.33)

Alcoa

10.29-0.35(-3.29)

Apple Inc

493.42+0.25(+0.05)

Google Inc 'A'

605.91-5.55(-0.91)

Bank of America

8.07-0.11(-1.34)

Wal-Mart Stores

61.90-0.06(-0.10)

Exxon Mobil Corp

83.80-1.08(-1.27)

Ford

12.44-0.25(-1.97)

Citigroup

32.925-0.735(-2.18)

IBM

192.42-0.71(-0.37)

Yahoo

16.14+0.14(+0.88)

Starbucks

48.82-0.38(-0.77)

Microsoft

30.495-0.275(-0.89)

Home Depot

45.33+0.06(+0.13)

DailyFinance Headlines

Benzinga Headlines

TheFlyOnTheWall.com Headlines

BioHealth Investor Headlines

WalletPop Headlines

DailyFinance BlackBerry App

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance

BioHealth Investor Headlines

Page Loaded in 1329097237293 ms.