Dan Snyder’s Six Flags Facing Failure

1:51 pm EST March 14th, 2009 | Uncategorized | Comments Off

From the same minds who paid $100 million for Albert Haynesworth…

Six Flags, the big theme park chain that is closely associated with the owner of the Washington Redskins, Dan Snyder, has a payment of nearly $300 million to holders of preferred stock due this year that it has no way of paying. So for several months now, the company, which is run by Mark S. Shapiro, and its advisers have been discussing a restructuring agreement with its bondholders that would keep the company out of bankruptcy court.

“We’re in active dialogue with our lenders to restructure our enormous debt load,” Mr. Shapiro, the former head of programming and production at ESPN, told The Times. “The debt load we inherited is stifling our growth.”

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