For generations of American families, summer meant piling into the car and heading to a Six Flags park. The smell of funnel cakes, the sound of roller coasters rattling overhead, and the thrill of towering rides became a ritual for millions of kids and parents alike.
Now some of those iconic parks are being sold off in a dramatic financial retreat after a mountain of corporate debt pushed the company into another crisis.
Six Flags is unloading seven longtime parks in a deal designed to stabilize a balance sheet drowning in billions of dollars in obligations. The move marks one of the most significant shake-ups in the company’s history and raises questions about the future of several beloved destinations that have entertained families for decades.
Debt Problems Return to Haunt the Company
Six Flags’ financial troubles did not begin overnight. The theme park giant has struggled with heavy borrowing before, famously collapsing into bankruptcy in 2009 after racking up roughly $2.7 billion in debt.
At the time, the company’s lenders seized control after shareholders were effectively wiped out.
Wall Street insisted the lesson had been learned.
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