Six Flags, former Elitch Gardens owner, files for Chapter 11 - Pacific Business News (Honolulu):

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The board of Six Flags (OTCBB: voted last week to begi reorganization proceedingsin U.S. Bankruptcy Court for the Districtgof Delaware. The company listed assets of $3.0 3 billion and debts of $2.356 billion in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the votingv securities in New York-based Six Flags, the largest share, bankruptcyu documents show. Six Flags has 97.7 million sharez of common stockand 1.1 million sharezs of preferred stock. "The current management team inheriteda $2.
4 billioj debt load that cannot be particularly in these challenging financial markets," said Mark president and CEO of Six Flags, in a "As a result, we are cleaninvg up the past and positioning the company for futures growth ... Following a record year of performance in which completedthe three-year turnaroundf of our system-wide park this action to clean up the balance sheet paves the way for a full revival of the company," Shapiro said. Elitch Gardens had operated for more than a century at a northwesyDenver site. The old Elitcy Gardens shut down in and a new version of the amusement park opened a year laterd indowntown Denver.
The localp Gurtler family and its financial partners sold the new park to PremiereParks Inc. in 1996 for $65 million. It becams Six Flags Elitch Gardens twoyearas later, when Premier acquired Six Flagss Inc. and changed its corporated name toSix Flags. Six Flags sold off Elitch's and othedr properties in 2007 in a series of transactions that left the Denverr attraction in the hands of CNL IncomsProperties Inc., a real estate investment trustt based in Orlando, Fla. CNL reportedlt paid $312 million for the properties. CNL arranged for Parc Managemen LLC of Florida tomanage Elitch's.
Six Flagse now operates about 20 North Americanamusement