The parent company of Six Flags Over Georgia and White Water is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt.
Mark Shapiro, chief executive officer of the New York-based Six Flags, says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada.
The amusement park company says it actually had a great year in 2008. It saw 25 million visitors and posted record revenues. But executives are trying to lighten a $2.4 billion debt load that they say is unsustainable.
A local spokesperson said the filing would have no affect on daily operations of the Austell park, located off I-20.
"The restructuring of our debt will have no impact on our day-to-day operations at Six Flags Over Georgia nor on the guest experience," Hela Sheth said. " Our gates are open and will remain open. We are moving ahead with plans for an exciting season."
She noted the park has recently invested in new attractions such as Monster Mansion, which opened in May.
Saturday's bankruptcy filing came after earlier plan to negotiate an out-of-court deal with creditors failed.
Six Flags shares have traded below $1 since September. They closed at 26 cents on Friday.
Keep Reading
The Latest
Featured
