This paper discusses the bankruptcy and restructuring that Premier Parks (“Six Flags”) recently underwent in order to return the company to profitability. The discussion begins with a summary of the company’s history and an introduction to the key players in the restructuring process, including the relevant circumstances and management figures responsible for the considerable financial problems that brought Six Flags to make a Chapter 11 filing. Contextually significant factors such as economic and industry conditions, stakeholder motivations, and media occurrences that were particularly relevant are examined as well. The paper provides an account of the bankruptcy proceedings from the company’s pre-petition plan to the court’s confirmation of the debtor’s re-organization strategy. The company’s subsequent negotiations with its lenders and creditors along with the proposed alternative methods to resolve Six Flags’ financial issues are also detailed. The paper concludes with a discussion of Six Flags’ economic position post-bankruptcy, and the company’s most current market share and forecast for the upcoming 2014 season.
Capps, John and Sherrell, Lauren, "Chapter 11 with a Happy Ending: The Six Flags Bankruptcy" (2014). Chapter 11 Bankruptcy Case Studies.