After being delisted to OTC, SIXF went from $0.16 to $0.58 from April 24th to May 7th. It settled down to $0.36 on May 8th and stayed between $0.35 and $0.37 from market open to close. They released their quarterly loss this Friday and have evaded the bankruptcy talks due to the slim difference in loss between this quarter and last years quarterly release along with increase in attendance by 2%. Their average volume is 1.94 Million shares, but have been trading 4+ Million shares/day over the last 3 days.
While their competitors are cutting costs and making cuts in their parks, SIXF's announced they will be launching several new attractions this calendar year.
For those of you who like the quick money makers like AFN and GNW (this week), then go for this one. Their prime time is summer which is 3 weeks away. This one's a rollercoaster to ride out.
New York-based Six Flags Inc. filed for Chapter 11 bankruptcy protection in the District of Delaware on Friday.
The company's reorganization plan, which has support from its lenders' steering committee and the administrative agent for its $1.1 billion senior secured credit facility, would deleverage Six Flags' balance sheet by about $1.8 billion and the elimination of about $300 million in preferred stock options.
“The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets,” said Mark Shapiro, president and CEO. “As a result, we are cleaning up the past and positioning the company for future growth.
“We will emerge from this stronger and more competitive than ever.”
The Chapter 11 proceedings are expected to have no effect on day-to-day operations at any of Six Flags' 20 amusement parks around the country, including its Great America park in Gurnee, Ill.
-------------------- Only ONE good stock away from retirement! Posts: 493 | Registered: May 2009
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