Six Flags considers filing for Chapter 11

Six Flags Inc., parent company of the Six Flags amusement parks, told reporters this week that the company may need to file for Chapter 11 bankruptcy protection if financial conditions do not soon improve.

The company has until August 15 to pay off almost three hundred million dollars to preferred stockholders. Filing for Chapter 11 may allow the company's establishments to continue operation until the funds are paid if they are not able to produce the required amount before that time.

This announcement is the latest in a string of announcements regarding low guest numbers and theme park sales in the midst of a turbulent financial market.

Six Flags Inc. owns and maintains a total of 21 properties throughout North America and, until recently, hosted more than 20 million guests a year, making it the fourth-most popular theme park company in the world.