Usually the escapism type of companies are generally almost recession proof,as people like to go to shows or amusement parks or movies,when economies slow down,.but according to a story in today's Gazette, the owners of Laronde (Six Flags Entertainment ) are filing for Bankruptcy........... I'm sure the City of Montreal or a new owner would gladly step up to the plate if they need too, to keep Laronde operating,but parks have been known to disappear,Dominion Park,.then Belmont Park,perhaps now Laronde itself,.......I would imagine developers would be drooling over the prospect of turning Saint Helen's island into CONDO World,....that is a lot of prime real estate right in the middle of Montreal,perhaps turning it back into a park like setting would be good...................What Say You ???
here's the copy from the Gazette:
CHICAGO -- Six Flags Inc, the world's largest regional theme park company, said Saturday it filed for bankruptcy protection.
The New York-based company operates amusement parks across the United States, Mexico and Canada, including Montreal's La Ronde.
Six Flags said it filed for Chapter 11 protection with the unanimous support of its lenders' steering committee.
The plan will result in a deleveraging of the company's balance sheet by about $1.8 billion, as well as the elimination of more than $300 million in preferred stock obligations.
"The current management team inherited a $2.4-billion debt load that cannot be sustained, particularly in these challenging financial markets," Mark Shapiro, the chief executive of Six Flags, said in a statement.
"As a result, we are cleaning up the past and positioning the company for future growth."
Shapiro said the action will not affect day-to-day park operations. The bankruptcy filing "paves the way for a full revival of the company," he said.
Six Flags, which offers 800 rides at its 20 parks, had been burdened with a massive debt load and a looming cash payment in August.
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