Six Flags bankruptcy wouldn't affect Gurnee park operation

The gates at Six Flags Great America in Gurnee are expected to remain open for another season even if its corporate owner files for Chapter 11 bankruptcy protection.

Great America's parent company, Six Flags Inc. raised bankruptcy as a possibility in its annual report filed Wednesday.

Despite the financial troubles, the park just east of the Tri-State Tollway and Grand Avenue is set to open April 3. Great America spokeswoman Brooke Gabbert said Friday bankruptcy would have no bearing on the park's daily operations.

And, said Gabbert, the park is offering significant discounts through various promotions. Daily tickets have a wide price range, from a high of $54.99 for a single adult to a $34.99 special for anyone ordering tickets on online.

Gurnee Mayor Kristina Kovarik said she's not concerned if Six Flags, which produces most of the suburb's amusement tax, reorganizes under Chapter 11.

Kovarik said many companies have come back stronger and better after protecting assets by going into Chapter 11 bankruptcy. She said Six Flags projections for the village indicate Great America attendance will grow this year.

"It is a very profitable, per-square-foot park for them," Kovarik said Friday.

The park is expected to generate the lions share of $2 million in amusement taxes for the village in the coming budget year.

Six Flags' annual report painted a dire financial picture in one section, featuring boldfaced type and all capital letters.

"We have a history of net losses, an accumulated stockholders' deficit and pending obligations for which we do not currently have sufficient liquidity," says the document filed with the Securities Exchange Commission.

"Accordingly, we have stated in our financial statements included herein that there is substantial doubt about our ability to continue as a going concern unless a successful restructuring occurs."

Great America sits on part of 304 acres Six Flags owns in Gurnee, according to the company's report. Six Flags says 20 of those acres could be developed.

Six Flags owns Great America and 18 other theme parks. The company reported it may need to file for Chapter 11 bankruptcy if its debt can't be restructured by mid-August.

Six Flags stock was down by 3 cents at 16 cents a share at Friday's closing bell. The company's 52-week high was $2.50 per share.