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Six Flags [FUN] Corporate Discussion Thread

p. 91: Six Flags and Cedar Fair to enter "merger of equals" agreement, company will still be called "Six Flags"

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Hey everybody!


This thread is simple! Rather than having a million little threads about everything that goes on at Six Flags' many properties, this thread is designed to consolidate it all into one user-friendly thread. Feel free to use it to post updates, trip reports, questions, comments, and of course, general discussion. For pictures and videos of the company's many properties as well as past updates, see TPR's Park Index.


Official Company Website


Below are some links to past updates from the company, you may be interested in. Enjoy!







June 15th, 2009 - Six Flags outlines Chapter 11 bankruptcy plans

June 16th, 2009 - Company to take $600 million loan, bankruptcy won't affect Six Flags Dubailand

June 18th, 2009 - Six Flags wants public image during bankruptcy

November 30th, 2009 - Two bondholder factions vying for control of Six Flags

December 8th, 2009 - Judge allows Six Flags to craft their own bankruptcy plan in 'good faith'

December 15th, 2009 - Six Flags given approval to finance exit from bankruptcy with loans a stock sale



January 8th, 2010 -Six Flags could emerge from bankruptcy as early as March

January 13th, 2010 - Overdue payments could allow Six Flags to regain control of Parc Management parks

February 17th, 2010 - Resilient Capital Management wants a Chapter 11 trustee appointed to Six Flags

February 22nd, 2010 - Several bankruptcy exit plans to be presented to the court

February 25th, 2010 - Note holders move to acquire Six Flags ownership

March 1st, 2010 - Note holders plan to let go current management if company control is gained

March 5th, 2010 - Company-wide attendance down 11% from the previous operating year

March 8th, 2010 - Six Flags begins defense of bankruptcy exit plan amidst note holder coup attempt

March 10th, 2010 - Note holders consider merging Six Flags with Cedar Fair

March 19th, 2010 - Six Flags and competing note holders delay trial to reach internal settlement

March 19th, 2010 - Six Flags management to be retained as a settlement with the note holders is reached

March 22nd, 2010 - Six Flags "super fan conference call" transcript

March 25th, 2010 - Mark Shapiro launches "Parent Pass" at all properties

April 5th, 2010 - New bankruptcy plan submitted to appease the bondholders

April 15th, 2010 - Resilient Capital Management still putting up a fight

April 28th, 2010 - Bondholders agree to revised bankruptcy exit plan

April 28th, 2010 - Six Flags could exit bankruptcy next week

April 29th, 2010 - Six Flags resolves remaining complaints over bankruptcy plan

April 30th, 2010 - Daniel Snyder & his team leave the board of directors

May 3rd, 2010 - Six Flags emerges from bankruptcy

May 12th, 2010 - Mark Shapiro ousted, replaced by Alexander Weber, former CEO of Paramount Parks

May 17th, 2010 - Six Flags releases First Quarter Results

June 17th, 2010 - Shares to resume trading in the New York Stock Exchange

June 22nd, 2010 - Six Flags lays off three more executives

August 14th, 2010 - James Reid-Anderson named Chairman, President and CEO of Six Flags

September 7th, 2010 - New CFO and General Counsel appointed

September 21st, 2010 - Six Flags shares reach 52-week high

September 25th, 2010 - Six Flags receives $41 million cash distribution

September 27th, 2010 - Six Flags continues management reorganization at park level

April 25th, 2010 - Jeffrey Speed, former CFO receives $23.65 million for early layoff

May 5th, 2010 - Board approves 2-for-1 split of stock



December 15th, 2011 - Six Flags expands partnership with Mars Chocolate



January 4th, 2012 - Share repurchasing plan expanded by $250 million

January 10th, 2012 - Six Flags extends ticketing agreement with accesso

February 9th, 2012 - Cash dividend increases to $0.60 per share

March 14th, 2012 - Six Flags partners with 7-Eleven to bring Slurpees to the parks

March 14th, 2012 - Red Gold becomes the "Official Ketchup of Six Flags"

July 21st, 2012 - Six Flags renews deal with Coca-Cola for 10 more years!

July 24th, 2012 - Six Flags sees large increases in its 2nd Quarter

October 24th, 2012 - Higher attendance & prices boost Six Flags profits

November 29th, 2012 - Discover renews partnership agreement with Six Flags



October 25th, 2013 - 3rd Quarter sees growth in admission, food & sales



October 21st, 2014 - 3rd Quarter 2014 results



February 21st, 2015 - 4th Quarter 2014 results



August 31st, 2017 - Company-wide 2018 additions announced!



February 22nd, 2018 - Waterworld Concord becomes Hurricane Harbor Concord

May 22, 2018 - Six Flags to run Darien Lake, Frontier City and three water parks



August 29th, 2019 - All of the Six Flags 2020 Announcements!

October 22nd, 2019 - Six Flags headquarters may move to Arlington

October 30th, 2019 - Mike Spanos to become President & CEO of Six Flags



November 2nd, 2023 - Six Flags and Cedar Fair enter into merger agreement


Original Post:


Some quick links;


http://finance.yahoo.com/news/Six-Flags ... .html?.v=1




A FAQ on the SF site;


http://www.sixflags.com/national/footer ... tions.aspx



And an open letter to all employees;


http://www.sixflags.com/national/footer ... urCEO.aspx




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Time to hear the rumors again on X-park being paved over.


It's good news and bad news, but I'm glad they did it. Since I was a stock holder, I lost my investment, but at least the company will emerge without the massive debt load. It is also good that they do not plan to close any of the parks, not raise prices, and continue what they have been doing the past few years. It is also really good that 2011 will still see all the major additions added.

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Not playing Devil's Advocate here, but what's the absolute worse thing that could happen to some of Six Flags' premiere parks like GA or MM?


Sell the park to another theme park operator? That theme park operator make radical changes to the parks? I wouldn't like the latter. I am someone afraid for my home park though. I didn't like when they were on the brink of selling it to some real estate developers, etc in 2006. Overall, this article makes me feel uneasy and apprehensive at the end of the day though.


Eh, but I sure hope Six Flags emerges strong. I like them to continue to manage most of the parks under their belt. I like the direction they've taken for parks like MM, but they need to change along with unloading this debt.

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It is quite sad that they have had to finally declare it but it was kind of inevitable. I think it has been thought it would happen for a while. I am sure that Six Flags will continue to run far into the future. I don't think they are anywhere near dead. Much potential still to come.

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Six Flags Company CEO says the declaration of bankruptcy won't effect the day-to-day operation of the parks.


Well, that's a shame.


Sorry, I couldn't resist. In all seriousness, though, I think pretty much everyone saw this coming. Hopefully, one way or another, some good will come of it.

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Not playing Devil's Advocate here, but what's the absolute worse thing that could happen to some of Six Flags' premiere parks like GA or MM?


Why would they sell two of their profitable parks?


Filing for Chapter 11 allows a corporation to restructure their debts in order to make them more managable. Shapiro is taking the right steps. He's inherited a total mess from the previous management, and this had to be done. Chapter 11 is nothing new, corporations have done it before and come out stronger. It has to do with strong leadership, which I believe SF has, as witnessed by the positive changes over the past few years.

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We did see it coming, true, but at the same time, we can't ignore the fact that Mark Shapiro and his fellow management have absolutely turned the chain around.


Let us all hope that it all goes according to plan and Six Flags comes back even stronger and better than ever!




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I'm not sold on the chain being turned around. The mantra has simply been "we're doing great...everything is the old managements fault!" There are definitely more bright spots than before, but everytime something is still bad, it's always "it takes time...turnaround...blah blah blah." There's never any blame placed on the current management.


While there's no doubt that the old management is to blame for a lot of the current trouble, I'm also not sure how much of that is just an excuse that could be covering up current managements mistakes.


Now that they are in Chapter 11 and able to shed more of the old managements bad debt, we'll be able to better understand just how good or bad the "new" Six Flags is.

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Six Flags should be fine as long as they do things correctly at this point. They do seem to have decent leadership in place now, and I don't expect that this is going to become any worse. What I would be curious to see now is how skittish certain creditors are going to be when dealing with Six Flags. I personally don't know enough about how things are done in this industry to really comment either way on how creditors (and for the matter manufactures) will deal with this.

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How could you place much blame on the new management? You cant possibly change things that were years in the making and you cant expect them to turn around something that was so run into the ground that it would take monumental efforts to rectify - and even then, you might not be able to.


I think its fair to say majority of the issues ARE last managments fault. Its a lot like a presidency. Sometimes a bill passed doesnt show good or bad till the next president takes office. Then, that next president is either hailed for that achievement or burned for the failure. Old management did run SF into the ground and then continued to dig a deeper and deeper hole.


Im sure Shapiro has made mistakes but they are far less significant I believe than where SF WAS at. This is good news. They can start to move forward now like they have been.

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I'm not blaming new management. I'm merely saying I don't think there has been an accurate way to really measure their performance. Like I said, anything bad simply gets blamed on the old management. Which very well may be true, but what happens when that excuse goes away?


Now that they are in Chapter 11 and able to restructure the bad debt, we will be able to see their true colors. Can't blame old management anymore if you restructure their bad debt. So we'll either continue to see the positive trends they want you to believe is the future (which may very well be the case---I'm not disputing things are better) or have more excuses as to why they couldn't finish the turnaround.

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I think this announcement is going to scare the crap out of a lot of people in the GP, but I think it's 100% the right decision for the company. I haven't been to all of the parks, but I know personally that SFMM has COMPLETELY changed over the past few years. It's now a place that I actually enjoy going to visit. I think that the new team really has the right idea in mind with making an experience everybody can enjoy, rather than slapping down a ride that will pull in temporary cash flow.


This announcement today isn't shocking, but still tough to swallow -- but I think it could really be the beginning of bigger and better things for Six Flags.

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Six Flags Company CEO says the declaration of bankruptcy won't effect the day-to-day operation of the parks. Lets see if it's true.


When a company files bankruptcy or even finds themselves with a new owner that is usually one of the first things they say..that it won't affect day to day operations. Reason being is mainly so the employees won't quit their jobs and people won't stop visiting because they assume "bankruptcy=out of business".


Sadly most of the time when a company files bankruptcy it usually means big changes will take place in the near future. Of course its too early to tell.

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So bulldozing Astroworld didn't save the chain from bankruptcy?


Six Flags will come through this though it "might" be a little harder to get financing.


If I was a ride manufacturer I would want CASH!


Besides, Shapiro get like a 3 million dollar bonus for steering them through Chapter 11 successfully.

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